Showing posts with label Finances. Show all posts
Showing posts with label Finances. Show all posts

Friday, January 06, 2012

Mets hire financial group to help balance the books

The Mets confirmed Thursday that they have hired the consulting group involved in the Rangers' bankruptcy sale earlier this year, stressing that they have engaged the firm "to provide services with financial reporting and budgeting processes."

The team acknowledged its involvement with CRG Partners late Thursday night, releasing a 17-word statement that read: "Mets Limited Partnership engaged CRG Partners to provide services in connection with financial reporting and budgeting processes."

Earlier Thursday, general manager Sandy Alderson indicated that the team still expects to close on the first of multiple minority ownership sales, believed to be worth $20 million each, by the end of January. Neither principal owner Fred Wilpon nor partner Saul Katz has ever publicly presented bankruptcy as an option, conversely stressing over the past year that they will do whatever necessary to retain majority ownership of the Mets.

Barring settlement, Wilpon and Katz are scheduled to go to trial in March with the trustee seeking to recover funds from Bernard Madoff's Ponzi scheme. The trustee, Irving Picard, is currently appealing a ruling that reduced the lawsuit's total stake from $1 billion to $386 million.

Saturday, May 28, 2011

Money Matters: Einhorn's deal provides Mets stability through next year

According to the NY Times, the $200 million from David Einhorn's investment is almost certain to meet the team’s most pressing needs and potentially stabilize its finances at least through next year, several bankers and baseball executives said.

The Mets are expected to use $75 million of Einhorn’s money to retire some of their bank loans and another $25 million to repay a loan, due next month, that the team received from Major League Baseball, according to several people familiar with the team’s finances. This should save the Mets tens, and perhaps hundreds, of thousands of dollars in interest payments.

The remaining $100 million should help with the team’s most urgent issue — paying its players.

With a payroll of about $142 million this season, roughly $12 million in checks must be cut every two weeks. At the very least, Einhorn’s investment would mean that the Mets will have little trouble on that front for the remainder of this season.

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