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Fenway
03-27-2011, 08:48 AM
The Mets situation is getting to the point of no return. WFAN has hinted the team may not be able to meet payroll on April 15th as ticket sales are way down and much of the Wilpon fortune in now frozen. The NY Times is reporting the team will lose 50M this season.

The PA is concerned that the Mets payroll may drop to as low as 75M taking $$$$ out of the system - and the Mets could wind up GETTING revenue sharing.

Frank McCourt may be running out of cash as well.


Mets Are Said to Be Suffering Sizable Losses

http://www.nytimes.com/2011/03/25/sports/baseball/25mets.html


Financial woes of Mets & Dodgers are another black eye to legacy of MLB commish Bud Selig

Read more: http://www.nydailynews.com/sports/baseball/2011/03/26/2011-03-26_financial_woes_of_mets__dodgers_are_another_bla ck_eye_to_legacy_of_mlb_commish_b.html#ixzz1Ho5GaC aB

cws05champ
03-27-2011, 08:51 AM
The Mets situation is getting to the point of no return. WFAN has hinted the team may not be able to meet payroll on April 15th as ticket sales are way down and much of the Wilpon fortune in now frozen. The NY Times is reporting the team will lose 50M this season.

The PA is concerned that the Mets payroll may drop to as low as 75M taking $$$$ out of the system - and the Mets could wind up GETTING revenue sharing.

Frank McCourt may be running out of cash as well.


Mets Are Said to Be Suffering Sizable Losses

http://www.nytimes.com/2011/03/25/sports/baseball/25mets.html


Financial woes of Mets & Dodgers are another black eye to legacy of MLB commish Bud Selig

Read more: http://www.nydailynews.com/sports/baseball/2011/03/26/2011-03-26_financial_woes_of_mets__dodgers_are_another_bla ck_eye_to_legacy_of_mlb_commish_b.html#ixzz1Ho5GaC aB
I don't know how people can connect this to Selig. The McCourts are having a nasty divorce and the Wilpons were in one of the biggest financial scams in history. It was also their own mis-management of the team resources.

Fenway
03-27-2011, 09:04 AM
I don't know how people can connect this to Selig. The McCourts are having a nasty divorce and the Wilpons were in one of the biggest financial scams in history. It was also their own mis-management of the team resources.

McCourt never should have gotten the Dodgers. He dropped out of the Boston bidding and his plan was to build a new ballpark on his parking lot land in the Boston Seaport. He wound up giving that land to Murdoch who in turned quickly sold it for big $$$$$.

The Wilpon's could very well be innocent in the Madoff scam because nobody else was asking questions either - BUT the PR hit in NY especially from wealthy Jewish interests are killing the Mets. Citi Field has been a disaster with thousands of seats that can not see the entire field.

The Rays owner is the best bet to take the Mets over but that puts Tampa in flux...

Viva Medias B's
03-27-2011, 02:40 PM
If the Mets could not meet the payroll, would MLB step in to pay the players?

Fenway
03-27-2011, 03:14 PM
If the Mets could not meet the payroll, would MLB step in to pay the players?

Yes. Selig has already said no more loans to the Mets.

It is one thing to have the Daily News and Post sniffing around, but the Mets have the NY Times going after them.

Honestly I don't think we understand the cultural aspect of the Madoff scam.

MiamiSpartan
03-27-2011, 04:13 PM
Pretty amazing that teams in the largest two markets are in such trouble....

Fenway
03-27-2011, 04:29 PM
Pretty amazing that teams in the largest two markets are in such trouble....

The Mets the past few years have made the Flubs look good...

Start with the 2006 NLCS :?:

The 2007 collapse :o:

followed by 2008 :o:

THEN they open a ballpark that the fanbase hates. You have Mets fans wishing Shea could be rebuilt.

http://assets.nydailynews.com/img/2007/10/01/alg_mets-fan-yells.jpg
http://blog.nj.com/ledgerupdates_impact/2007/09/large_03mets.JPG
http://www.thedwightgoodenposter.com/wp-content/uploads/2009/12/name-a-met-ab1008091.jpg

WhiteSox5187
03-27-2011, 05:04 PM
My friends in New York are all Mets' fans and they are just so disillusioned with the Wilpons. In 2006 I thought the Mets were going to dominate the NL East for years to come, boy was I wrong. I just hope the next ownership group gets rid of those stupid black alternates.

TheOldRoman
03-27-2011, 06:54 PM
McCourt never should have gotten the Dodgers. He dropped out of the Boston bidding and his plan was to build a new ballpark on his parking lot land in the Boston Seaport. He wound up giving that land to Murdoch who in turned quickly sold it for big $$$$$.

The Wilpon's could very well be innocent in the Madoff scam because nobody else was asking questions either - BUT the PR hit in NY especially from wealthy Jewish interests are killing the Mets. Citi Field has been a disaster with thousands of seats that can not see the entire field.

The Rays owner is the best bet to take the Mets over but that puts Tampa in flux...Not true. The McCourts couldn't repay the loan NewsCorp gave them, so they ended up repossessing the parking (lot which was leveraged for the loan) and I believe selling it for much more than they were owed.

Fenway
03-27-2011, 07:34 PM
Not true. The McCourts couldn't repay the loan NewsCorp gave them, so they ended up repossessing the parking (lot which was leveraged for the loan) and I believe selling it for much more than they were owed.

We pretty much said the same thing. The Mayor of Boston was furious on how it went down..

But in any event the Dodgers situation will drag on until the entire divorce mess is settled. Worse mistake Frank made was getting a California drivers license.

Foulke You
03-27-2011, 07:37 PM
THEN they open a ballpark that the fanbase hates. You have Mets fans wishing Shea could be rebuilt.

Is Citi Field really that bad? :?:

I hadn't heard that fans were complaining about it. It looks like a nice ballpark in the pix I've seen of it but I've never actually been there myself. In the pictures, it looks nicer to me than the new Yankee Stadium:

http://static.mybanktracker.com/bank-news/wp-content/uploads/2009/08/800px-Citi_Field_Home_Opener-630.JPG.jpg

Daver
03-27-2011, 08:06 PM
Yes. Selig has already said no more loans to the Mets

He's bluffing.

MLB set up the emergency fund shortly after getting their ass kicked by a federal arbitrator from the NLRB and were forced to pay a quarter of a billion dollars in damages, the purpose of the fund was to put out fires like the situation caused by Loria in Montreal. The money for it comes from shared revenue, which is doled out strictly by the decision of the commissioner of baseball, and that fund is kept at above a billion dollars. MLB will not allow a franchise to go into any type of bankruptcy, it's bad for the image of the sport and it is bad for the business of the sport, not to mention that a bankruptcy court could subpoena the financial records of every franchise, something MLB will never let happen.

The Mets ownership may be forced to sell the franchise at a price point that is forced lower than expected, but the franchise itself will continue to operate.

WhiteSox5187
03-27-2011, 09:08 PM
Is Citi Field really that bad? :?:

I hadn't heard that fans were complaining about it. It looks like a nice ballpark in the pix I've seen of it but I've never actually been there myself. In the pictures, it looks nicer to me than the new Yankee Stadium:

http://static.mybanktracker.com/bank-news/wp-content/uploads/2009/08/800px-Citi_Field_Home_Opener-630.JPG.jpg

I think the problem is with site lines for certain sections of the stadium. The new Yankee Stadium has the same problem with the bleachers.

The Immigrant
03-27-2011, 09:23 PM
MLB will not allow a franchise to go into any type of bankruptcy, it's bad for the image of the sport and it is bad for the business of the sport, not to mention that a bankruptcy court could subpoena the financial records of every franchise, something MLB will never let happen.


The Rangers went through chapter 11 last summer. The Cubs were in chapter 11 for a brief period in order to complete the sale to Ricketts. Both filed with MLB's consent.

Daver
03-27-2011, 09:33 PM
The Rangers went through chapter 11 last summer. The Cubs were in chapter 11 for a brief period in order to complete the sale to Ricketts. Both filed with MLB's consent.

Both were very temporary cases, a standard tactic used by many corporations to hold off creditors while funds are moved around. The insurance industry has a bunch of small players that are perpetually in chapter 11, even though they are perfectly solvent and profitable businesses.

gogosox675
03-27-2011, 10:20 PM
Is Citi Field really that bad? :?:

I hadn't heard that fans were complaining about it. It looks like a nice ballpark in the pix I've seen of it but I've never actually been there myself. In the pictures, it looks nicer to me than the new Yankee Stadium:


I'm sure part of it is the sentimental value of Shea. It was they only park they've had other than those two years at the Polo Grounds. Citi Field looks nice, but I still don't think of it as the home of the Mets.

ewokpelts
03-28-2011, 10:12 AM
Is Citi Field really that bad? :?:

I hadn't heard that fans were complaining about it. It looks like a nice ballpark in the pix I've seen of it but I've never actually been there myself. In the pictures, it looks nicer to me than the new Yankee Stadium:

http://static.mybanktracker.com/bank-news/wp-content/uploads/2009/08/800px-Citi_Field_Home_Opener-630.JPG.jpg
looks like every other "quirky" park.

ewokpelts
03-28-2011, 10:14 AM
He's bluffing.

MLB set up the emergency fund shortly after getting their ass kicked by a federal arbitrator from the NLRB and were forced to pay a quarter of a billion dollars in damages, the purpose of the fund was to put out fires like the situation caused by Loria in Montreal. The money for it comes from shared revenue, which is doled out strictly by the decision of the commissioner of baseball, and that fund is kept at above a billion dollars. MLB will not allow a franchise to go into any type of bankruptcy, it's bad for the image of the sport and it is bad for the business of the sport, not to mention that a bankruptcy court could subpoena the financial records of every franchise, something MLB will never let happen.

The Mets ownership may be forced to sell the franchise at a price point that is forced lower than expected, but the franchise itself will continue to operate.

So the Cubs and Rangers banruptcies didnt happen?

DumpJerry
03-28-2011, 10:23 AM
http://static.mybanktracker.com/bank-news/wp-content/uploads/2009/08/800px-Citi_Field_Home_Opener-630.JPG.jpg
Those seats in the back rows in the RF corner look horrendous.

Fenway
03-28-2011, 12:04 PM
Those seats in the back rows in the RF corner look horrendous.

There are about 5,000 seats that can not see the entire field :?:

Mets advance sale for 2011 is only 600,000 tickets....

Their bigest problem is the NY Times continues to pound them...the big bucks people read the Times, not the tabloids. They need fresh ownership.

DumpJerry
03-28-2011, 12:16 PM
Their bigest problem is the NY Times continues to pound them...the big bucks people read the Times, not the tabloids. They need fresh ownership.
That never happens. A local newspaper slamming a local MLB franchise no matter what? White Sox fans have never seen that happen.

ewokpelts
03-28-2011, 02:59 PM
There are about 5,000 seats that can not see the entire field :?:

Mets advance sale for 2011 is only 600,000 tickets....

Their bigest problem is the NY Times continues to pound them...the big bucks people read the Times, not the tabloids. They need fresh ownership.you'd be suprised how many other parks have that same problem.

dickallen15
03-28-2011, 03:24 PM
you'd be suprised how many other parks have that same problem.
One of them is located in Chicago.

RedHeadPaleHoser
03-28-2011, 03:43 PM
That never happens. A local newspaper slamming a local MLB franchise no matter what? White Sox fans have never seen that happen.

And a fan based website never dedicated multiple threads about the alleged slam by creating their own headlines. :cool:

ewokpelts
03-28-2011, 04:00 PM
One of them is located in Chicago.actually TWO of them are in chicago. you try sitting in sec 165 row 15 and tell me how your view is.

slavko
03-28-2011, 07:27 PM
Returning to the bankruptcy question for a moment, the Seattle Pilots filed BK in 1970 and were bailed out by Bud Selig before he moved them to Milwaukee. But they really were bankrupt.

One of the usual reasons for filing is to permit the termination of unwanted contracts but I don't know if Chapter 11 has that effect. Shawon Dunston apparently did, because he wrote a letter to the team expecting them to honor the provision of his rookie contract saying that they would pay for his college education. Not that he ever expected to go, his financial adviser told him to do it.

The idea was to clear themselves of ties to the really bankrupt Tribune before the sale, not to stiff ex-employees.

Marqhead
03-28-2011, 07:34 PM
One of them is located in Chicago.

Milwaukee's got another.