My kids are being noisy as hell and I barely understand economics, so even though I read this four times I don’t totally get it, but Howard Medgal’s words intrigue me.
So a best-case scenario still has the Mets in need of more than $300 million in the relatively near term. That doesn’t cover any subsequent reversals that increase their exposure with Picard, nor does it begin to cover the $500 million in loans that the team is due to pay by June 2014, the loans of around $450 million to the affiliated SNY network due back a year after that, or the roughly $600 million still due in debt payments on Citi Field.
Ask yourself this: Exactly how does that leave any room for the Mets to add a commitment like the six-year, $114 million contract that the New York Post’s Joel Sherman estimates will be the least Jose Reyes gets paid this winter?
That last part I do understand.
$24m to Santana (via Cot’s Baseball Contracts), $18 to bay, $15 to Wright, nearly $5 to Dickey…and let’s use Sherman’s number of $19 per for Jose. That’s $81 million.
Now Sandy says a payroll of between $100 and $110. Let’s pick $110.
We have 5 players on our team so far. 20 guys to go, $21 million left. Fortunately guys like Murph and Tejada and Ike and Duda and Parnell will all make less than $1m each….so there’s some wiggle room….but I just don’t see how the numbers work.
In this video, the numbers are explained to you and we see how many Mets fans are reacting about the idea that Jose will not be a Met again until they re-sign him at age 41.
How the hell did the Wilpons make their money in commercial real estate when it seems that they are clueless when it comes to structuring their debt.
It would have been very difficult for anyone to lose money in Manhattan in the biggest real estate boom in history.
Its pretty easy to act like you have money when you really don’t. Look at Donald Trump and his disastrous business ventures.