The New York METS owners needing cash and unable to turn to Major League Baseball for more financial help, received a $40 million loan from Bank of America in the past six weeks according to a person with knowledge of the deal.  The team described the arrangement as a bridge loan, meant to aid the team as it tries to raise money through the sale of minority stakes in the club. The loan marks the second time in a year that the Mets have received an infusion of cash. A year ago, the team’s owners, Fred Wilpon and Saul Katz, received a $25 million loan from Major League Baseball, but they have not been able to repay it. Meanwhile, Sandy Alderson, the club’s general manager, said last week that the organization had lost $70 million in 2011 alone.  The recent $40 million loan suggests that the effort to sell minority shares in the team was not generating the cash that the owners needed in the near term. The owners, through a spokesman, said the loan had been approved by Major League Baseball and the other banks to which they are already indebted. The implications of the team’s latest outside financing are not easy to forecast. But two people with knowledge of the team’s finances said that if a full lineup of minority stake investors was not in place by next spring, and cash not in hand, Wilpon and Katz might have to confront the prospect of selling the team entirely. The men first had to face that possibility last December when they learned they were the target of $1 billion lawsuit brought by the trustee representing the victims of Bernard L. Madoff’s fraud. The trustee has accused the men of having turned a blind eye to the possibility that Madoff was a fraud while they enriched themselves with his steady, outsize investment returns.  Wilpon and Katz also face the possibility of a  jury trial this spring at which they could be forced to explain themselves, and their years of investing with Madoff. Their potential liability could be hundreds of millions of dollars.  [NYTimes 12/12/11]