Showing posts with label Mike Ozanian. Show all posts
Showing posts with label Mike Ozanian. Show all posts

Thursday, February 14, 2013

Report: Don't Expect Mets to be Big Time Spenders anytime soon..

New York Mets owner Fred Wilpon recently told ESPN that he and his partner, Saul Katz, no longer have any personal debt. But don’t expect the New York Mets to begin spending like a big-market team any time soon.

According to a report by Forbes magazine's Mike Ozanian, the baseball team and the regional sports network of which it owns 65%, SportsNet New York, have over $1 billion in debt combined, according to sources.

The Mets have about $430 million of debt while SNY has near $750 million of debt. Of that $750 million, the owners of the Mets are on the hook for some $450 million, putting their total obligations near $900 million.

With the combined enterprise values of the Mets and SNY around $2 billion, leverage is above 50%. Moreover, the team pays $50 million a year in annual ballpark PILOT bond and rent payments that come from Citi Field’s revenue. Attendance at Citi Field is down significantly the past three years.

Standard & Poor’s stated in a December report in which it downgraded Citi Field’s bonds one notch, to two levels below investment grade, “The negative outlook reflects our expectation that the project cash flow will have slight cash flow declines in the near future before it begins to stabilize.”

Ozanian says despite signing David Wright in the off-season to a $138 million extension, the team’s payroll will likely remain in the middle of the league the next few seasons and GM Sandy Alderson will have his work cut out..

Thursday, June 16, 2011

Audio: Mike Ozanian From Forbes Magazine talks about $1 Buyout Story with Mike Francesa

Sunday, February 06, 2011

Ozanian: "Wilpon and Katz are done. Finished. The two will soon be out of baseball entirely."

According to Forbes Magazine's Mike Ozanian, It is highly believed by many that the Mets Owners will not be able to keep full majority ownership of the New York Mets and SNY.

Ozanian believes that selling minority interests in the Mets and their 68% stake in SNY will not be able to satisfy the $1 billion Irving Picard, the Trustee for the liquidation of Bernie Madoff’s funds, wants to recoup from Wilpon and Katz.

Mike Ozanian says, "Wilpon and Katz are done. Finished. The two will soon be out of baseball entirely."

Ozanian thinks that the Mets need is an owner with deep pockets who can focus on turning the team into a strong brand with integrity. He also insists that Baseball needs a new commissioner too, but that's totally different topic of conversation.

Now it is your turn to vote and make comments.. VoteThe Mets Owners Should:
Sell the whole thing (Mets & SNY)
Sell what they need to sell to stay owners
Keep it the way it is, I love Watching the Mets lose

View Results

Poll powered by Free Polls

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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