The New York Mets have been in financial trouble for quite some time; owner Fred Wilpon tried to sell part of the team to hedge fund manager David Einhorn last summer in an effort to get some cash, but that deal fell through.
Do The Mets Have Any Money? ‘Probably Not’, Says Amazin’ Avenue
Now, SB Nation’s Mets blog Amazin’ Avenue has an in-depth look at the team’s finances; it’s all worth reading, but the summary is pretty bleak:
Right now, the Mets are running serious losses annually — even including their profit share from SNY. There’s no easy way for them to get enough cash to run the team, unless the Wilpons keep putting money in (if they can), and the current plan has a $240 million price tag attached to it, due 2017. They could sell a lot of their SNY stake, but that’d be a very painful sale — and perhaps one fatal to the Wilpons’ efforts to maintain their ownership of the team.
SNY is the regional sports network that is partly owned by the team; SNY also has debt, and Amazin’ Avenue points out that even if the Mets sold their interest in the team, it wouldn’t solve all the financial issues.
The upcoming season is likely to be a tough one for the Mets from a financial standpoint, even if they can manage to put a competitive team on the field.
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