The San Diego Padres took out a $50MM loan in September to cover their player payroll and other expenses, as per Ken Rosenthal of The Athletic.
As per a report from The Athletic, the Padres began the season with a player payroll of about $250 million, third highest in Major League Baseball.
The Padres missed the playoffs, though it sold 3.3 million tickets to finish in the top six in revenue in that category in MLB, a team spokesperson said.
The Padres are expected to have a team payroll closer to $200 million in 2024. This will probably force the team to trade young star Juan Soto.
The Padres ranked third in the major leagues, despite being a “smaller market” team. They are trying to compete with the large markets of Los Angeles, New York, Philadelphia, Chicago and Boston.
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