The bonds are now rated BB, from BB+. That’s two notches below investment grade, junk bonds in the parlance of the debt market.Jodi Hecht, an analyst at Standard & Poor’s, cited “cash flow volatility,” noting that “a large portion” of the money pledged to pay off the bonds is “game-day revenue,” which includes sales of club-seat tickets, concessions and parking.
Opening Day tickets start at just $63!
If they have to depend on game day revenue they are in trouble for 2013. This is going to be the Mets 5th year in a row with a losing season. What is the draw? a battle with the Marlins for 4th place?
They would need to play 10 All star games to make a rational Met fan buy a season ticket. I don’t think they will sell out a game this year!
Why buy a full price ticket when you will be able to go to the secondary market and get them for peanuts.