Wednesday, February 02, 2011

Mets Book Value = $ -225 Million

According to Mike Ozanian of  Forbes Magazine,  The Mets were valued at $845 Million Dollars with Citi-Field.  But there is $375 million of debt attached to the Mets franchise and $695 million tied to the ballpark, leaving these assets with an aggregate negative book value of $225 million.

Mike Ozanian says,
"Thus if he needs to get a lot of cash from his sports assets Wilpon will have to unload his 60% stake in SportsNet NewYork, the regional sports network in which Comcast and Time Warner are also investors. The team’s 60% stake in SNY could fetch about $1.3 billion (the price would be substantially higher if it were not for $239 million in dividends the owners of SNY paid themselves with borrowed funds) and has proportionally $270 million of debt, giving the team’s stake a book value of $1,230 million. After netting out the negative book value of $225 million from the franchise and Citi Field, selling SNY could leave Wilpon with $1 billion."

Hey whats a Billion these days?
Related Posts Plugin for WordPress, Blogger...

Like Us on Facebook By Clicking Like Below to Get Latest Mets News and Rumors, Plus Chance to Win Free Giveaways

Follow us on:
facebook twitter gplus pinterest rss

Sign Up For Email Updates:

Powered By EasyTins