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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?

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