Fred Wilpon is Debt-free But Mets Are Broke
Fear not, fans of Mets ownership: Fred Wilpon — the entire Wilpon family, in fact — and Saul Katz have pulled themselves out of debt. They are now free and clear to buy all the popsicle sticks, furniture, and junk bonds they want. The Mets, however, are still in the red.
While the suddenly free-spending Fred Wilpon was making grandiose promises such as expanding the Mets’ budget to levels not seen since Omar Minaya was still on the Right Coast, Mike Ozanian at Forbes revealed the real story about the Mets’ finances. Specifically, that the Mets baseball franchise and the TV network it owns are both over one billion dollars ($1,000,000,000.00) in debt.
I don’t claim to be a math wizard, so please excuse my ignorance. I don’t entirely understand how ticket sales can continue to plummet, debt continue to rise, yet the payroll will be able to swell.
Maybe someone with financial background can explain to we laymen how this is going to work? If so, please do so in the comments. Thank you.