The outlook on $695.4 million of debt issued to build the New York Mets’ Citi Field was cut to negative by Standard & Poor’s after the team’s third straight losing season and falling attendance.
Last night I was thinking that even if Fred gave the Mets to me I’d be afraid to take on all the potential responsibilities. That may be silly thinking on my part but all I read seems doom, gloom, and really big numbers.
I have no idea what the way out is, but I’m increasingly thinking of 1977, although the 2012 team has much more talent.
This is what happens when private companies get public money to build things that are not needed..if wilpon defaults guess who pays?? thats right you and I…total bullshit..doubleday had a two year plan to renovate shea with no interuption in gameplay..he also wanted the mets to pay for the whole thing, even though shea was owned by the city..that’s a stand up guy..not this crappy rip-off artist we have in there now..
You are so right…that’s why I would vote against spending billions in public money on infrastructure needed to re-develop the Willets Point auto-collision shops and junkyards.
As for the Mets, I wouldn’t take them now for free…they likely have negative equity. Remember Asset Value = Liabilities + Equity. Just like a house (Asset) that is worth 500K, but you have a 600K mortgage (Liability)…you have negative net worth (Equity). If the Mets, plus their portion of SNY, plus New Shea are worth about $1.5 Billion, and they have from what I have read more than that in debt on those three assets, the Mets have negative value. Remember too that the asset value of the Mets is declining and the debt is staying the same until it is paid off. They may need to declare bankruptcy first then be sold.
The bad news is that this teams financial troubles just seem to get worse by the day, or we just get more truth about it by the day, however you wish to look at it. The good news is that I’m starting to feel the Wilpon/ Katz ownership groups days are numbered. I honestly do not know how they are going to survive this. Not to mention we are still waiting for whatever the settlement amount will be with the Madoff debacle. Will someone please tap the commishoner on the shoulder and ask if he’s seeing whats goin on here. I know he had to deal with the Dodger disaster and I know he and Fred are pals but this thing is starting to look real ugly.