Showing posts with label Mets Owners. Show all posts
Showing posts with label Mets Owners. Show all posts

Sunday, September 04, 2011

Mets Owners will go the cheap in 2012 ?

The NY Post is reporting that regardless of who the Wilpons bring in to financially help them between now and the offseason, the Mets’ payroll is going down.

Mets officials continue to say there are not even firm ticket prices for next year and, thus, no set projections to establish a payroll.

But general manager Sandy Alderson recently established parameters when he insisted the team could be competitive in the $100 million-$110 million range, which simply reiterates one of the reasons he was hired in the first place: the belief he could do more with less (certainly with less than Omar Minaya was allowed to spend).

Of course, that fits right into what ownership needs and wants in this period, which is to shrink a $140 million payroll to something that permits the Wilpons to stop seeping money.

That one serious discussion being had at the upper reaches of the franchise is whether it would be wise to cut back greatly next year and make 2012 a rebuilding season in which club officials do not go through the annual game of trying to convince fans, if everything breaks right, they can be a playoff team.

Thursday, September 01, 2011

The Mets release statement on Einhorn negotiations

The New York Mets' Owners announced today that their period of exclusive negotiations with David Einhorn regarding a minority, non-operating interest in the Mets has expired and Ownership has decided not to extend the exclusive negotiating period any further. After months of negotiation, the parties were unable to reach agreement, and Mets Ownership has decided to explore other options.

Ownership has provided additional capital to cover all 2011 losses and is moving forward with the necessary resources to continue to operate the franchise. Ownership will explore other strategic transactions and is under no financial pressure to do a deal on any particular schedule.

"We are very confident in the team's plans - both off and on the field," said Mets Chairman and CEO Fred Wilpon. "We will engage with other individuals, some who have been previously vetted by Major League Baseball, along with other interested parties, regarding a potential minority investment into the franchise. My partners and I thank David for his interest in considering this opportunity and wish him well in the future."

Tuesday, March 01, 2011

Financially Challenged Mets Want Another Loan?

The cash-strapped New York Mets are seeking yet another loan to cover operating expenses, the New York Post reported.
JP Morgan - which led the banks that loaned the team about $430 million last year -- is trying to recruit other institutions to join a syndicate to put together a new loan that would tide the Mets over until they sell a minority stake in the ballclub.
This comes shortly after it was revealed that MLB loaned Mets owner Fred Wilpon $25 million in 2010. It was the second time that Wilpon borrowed from MLB. He previously borrowed $50 million.

The Mets have totaled $505 million in debt. However, the frachise is worth about $800, so theoretically, the Mets can still take on more debt.

The instability with the Mets' financial situation could start to find its way to the playing field. The Mets owe about $170 million in future committments.

Keep an eye on outfielder Carlos Beltran. He's owed $19.3 million this year and could be traded. And if the Mets decide to dump shortstop Jose Reyes, who becomes a free agent after the season, before the trade deadline, then all signs point to the Mets cashing it in.

Friday, February 25, 2011

Mets borrowed $25 Million from MLB

Major League Baseball loaned the New York Mets $25 million in November as the team faced a liquidity crisis, according to a person with direct knowledge of the matter.

The loan is expected to be repaid relatively quickly, the person said. But it underscores the extent of the Mets’ financial problems. The team’s owners are carrying about $400 million in debt and are being sued for up to $1 billion by the trustee representing Bernie Madoff’s victims.

In a statement released Friday evening, a Mets spokesman said: “We said in October that we expected to have a short-term liquidity issue. To address this, we did receive a loan from Major League Baseball in November. Beyond that, we will not discuss the matter any further.”
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