Blog Roundup: Financial Edition
The heavyweight court bout between Wilpon, Katz, and company vs. Irving Picard ended in a…well, sort of split decision. All in all, it was good news for the owners of the Mets, as Fred, Jeff, and Uncle Saul only had to payout a paltry $162 million. After the ruling, the Mets were able to sell 12 minority ownership shares of the team at $20 million apiece, infusing $240 million into the organization. This allowed them to immediately pay back their debts to the Bank of America and Major League Baseball. That’s the good news. The bad news is, the Wilpons won’t be forced to sell the team.
The Blogs check their accounts:
- Ian O’Connor of ESPN thinks Fred is still a loser.
- Hardball Talk says the Wilpons are happy, and praise Mario Cuomo (this is not a blog post from the mid-80s).
- Amazin’ Avenue explores the ramifications of today’s ruling.
- MMO wonders if this means better days ahead.
- Metstradamus examines what this does to the culture of negativity among Mets faithful.
- Tedquarters, meanwhile, is always thinking about his stomach (apologies to Han Solo). How would you define a sandwich?
We here at Mets Today work for free, so we don’t have to worry about million dollar settlements. Stay tuned for more Mets news.
1. The payroll will not go back up b/c they (i) are heavily leveraged in real estate, the Stadium, and the network, with payments coming due, (ii) they’ve lost Madoff’s funny money cash stream they relied on in the past, and (iii) stadium and team revenues are likely to decline even further over the next 2 or 3 years (indeed, the only hope is that this happens so disastrously that they sell the team to save the family fortune, but that seems pretty remote).
2. In another year or two, Alderson will get disgusted and leave, at which point The Idiot Son will again take over and hire a GM in the Duqette-Omar mold: a subservient nitwit willing to pretend that Lil’ Jeffie knows what he’s talking about.
3. In short, I see no path to building a successful organization. The Mets will have the same long-term pattern as the Orioles: a once-proud franchise ruined by befuddled, cash-poor ownership.
4. I’ve been a faithful Mets fan since 1962 (when I was too young to know better), but it’s time for me to search for another team. Since I like the NL-East and, of course, can’t abide the Braves or Phillies, I’m thinking about the Nats, who may be around the same place that the Mets were in circa 1983 (good young talent, especially pitching, poised to make them a legitimate contender).
I, too, live away from NY. I’ve seen the Mets play in Atlanta,
Pittsburgh, LA, Baltimore, Philly and maybe DC or Fla. this year. When I go to NY I never even dream of going to Citi Field.
Kanehl and Izzy are correct, it’s a sad time for Mets fans.