Truth & Rumors > MLB

Mets have big financial woes

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08:53 AM ET 01.29 | The Mets have hit a financial iceberg. They are sinking fast. Just by the way they have done business this winter, it is clear the Wilpons have cash flow problems with the team, as a result of the Bernie Madoff mess and the weight of the crushing lawsuit filed in December by Irving Picard, the trustee for the Madoff investors. Sterling Equities, the company that operates the Mets, could be on the hook for as much as $1 billion, according to one report. Fred Wilpon announced yesterday that he is looking to sell up to 25 percent of the franchise to bring a cash infusion to the team.

New York Post

Fred Wilpon, George Napolitano/Getty Images Fred Wilpon, George Napolitano/Getty Images
January 29, 2011  09:00 AM ET

The Mets, the Cubs, they are both the most mismanaged and worst performing franchises for the money they spend.

If anyone else ran a business like these guys, they would be fired.

Comment #2 has been removed
January 29, 2011  09:23 AM ET

Time to sell, this is an organization that needs to be blown up from the bottom to the top anyways.

January 29, 2011  09:23 AM ET

What happened to the strategy of buying up old Dominicans and putting them on the field? Maybe they should try India. I hear they are more cost effective?

January 29, 2011  10:24 AM ET

I'm sure there are tons of investors who want to watch a team come in third (at best) in their Division.

January 29, 2011  10:50 AM ET
QUOTE(#5):

I'm sure there are tons of investors who want to watch a team come in third (at best) in their Division.

Third is real generous. Phillies and Braves are both solid and Marlins always find a way to contend and the Nationals are gonna be vastly improved this season as well as ascending for the future. I'd say Mets are gonna be cellar dwellers for quite awhile.

January 29, 2011  11:00 AM ET

Good thing there's that other team in NY.

Comment #11 has been removed
January 29, 2011  11:33 AM ET

As a Mets fan, news couldn't be better. The dysfunction of this team starts from the top. As much as I'm looking forward to a very experienced front office, (Alderson, Ricciardi, DePodesta), the Wilpons (Jeff does most of the work now and is completely incompetent) are the real problem in the organization.

January 29, 2011  11:44 AM ET

Please sell it all and leave, go far away forever and ever far far away! MLB needs to step in and take this franchise, force them to sell! This is a scar on baseball, Wilpon forced his partner out and then screwed the team up! Please please please leave! I a former Tuesday/Friday and then weekend season ticket holder have not attended a game, spent a penny, nothing for five years because of these bums. Leave....

January 29, 2011  12:15 PM ET

Didn't the Wilpons publicly about a year ago say that the Madoff situation wouldn't effect the Mets

January 29, 2011  12:32 PM ET

please sell 100 percent of the team! please! we hate ur guts and uve ruined the franchise ur like the mlbs donald sterling and the mets are the clippers...i wont spend a cent at that ballpark until u sell anyway and most met fans feel like me so ur gonna end up selling anyway WATCH!

January 29, 2011  12:34 PM ET
QUOTE(#14):

Didn't the Wilpons publicly about a year ago say that the Madoff situation wouldn't effect the Mets

yeah but at first they were trying to say they lost money then it came out they actually made 60 million...the wilpons are no better than those jerks down on wallstreet that caused this recession...they steal ur money the same! they refuse to spend quality money on the team but look at all the terrible contracts theyve given out and they have the nerve to charge the fan what they do to go to a game its nausiating

January 29, 2011  12:35 PM ET
QUOTE(#13):

Please sell it all and leave, go far away forever and ever far far away! MLB needs to step in and take this franchise, force them to sell! This is a scar on baseball, Wilpon forced his partner out and then screwed the team up! Please please please leave! I a former Tuesday/Friday and then weekend season ticket holder have not attended a game, spent a penny, nothing for five years because of these bums. Leave....

your 100 percent right buddy

January 29, 2011  12:36 PM ET
QUOTE:

Finally, was new GM Sandy Alderson aware of the Mets' financial standing when he took the job?

I am thoroughly convinced that Sandy Alderson was forced on the Mets by Selig and Co. to strip down the franchise and make it an easier sell. The Wilpons have been so arrogant in their "we are smarter than you" attitude that they would never hire a strong willed GM unless their back was against the wall.

The Wilpon's have also been consistent in their lack of honesty. They are talking about 25 % of the team as a way to save face in the event they don't get crushed by this lawsuit. In reality, they are probably sending out feelers to buy the entire team. If this comes to pass, there will be dancing in the streets all over Queens and Long Island.

It is only going to get worse for them when the Monument to the Dodgers has 5000 fans in the seats when the team is out of it in June.

WHo gonna buy a piece of the team and be shut out of the Network? These guys are dolts. Fools, Money, Parted. Thank you Bernie for showing the world how dumb they are. Only good thing you did with your life.

January 29, 2011  12:37 PM ET
QUOTE(#6):

Third is real generous. Phillies and Braves are both solid and Marlins always find a way to contend and the Nationals are gonna be vastly improved this season as well as ascending for the future. I'd say Mets are gonna be cellar dwellers for quite awhile.

while i agree the nats have a better future i aint buying that the mets are finishing fifth quite yet ur jumping the gun lol the mets will finish 4th for sure and thats terrible too

January 29, 2011  12:38 PM ET
QUOTE(#18):

I am thoroughly convinced that Sandy Alderson was forced on the Mets by Selig and Co. to strip down the franchise and make it an easier sell. The Wilpons have been so arrogant in their "we are smarter than you" attitude that they would never hire a strong willed GM unless their back was against the wall. The Wilpon's have also been consistent in their lack of honesty. They are talking about 25 % of the team as a way to save face in the event they don't get crushed by this lawsuit. In reality, they are probably sending out feelers to buy the entire team. If this comes to pass, there will be dancing in the streets all over Queens and Long Island.It is only going to get worse for them when the Monument to the Dodgers has 5000 fans in the seats when the team is out of it in June.WHo gonna buy a piece of the team and be shut out of the Network? These guys are dolts. Fools, Money, Parted. Thank you Bernie for showing the world how dumb they are. Only good thing you did with your life.

you are a god!

Comment #21 has been removed
January 29, 2011  12:50 PM ET
QUOTE(#21):

The Mets have been the worst-run franchise in baseball the last half-decade, hands down.Yes, much worse than the Pirates, Royals, and anyone else. Sad excuse for an MLB team.

You may be overlooking the Cubs. Higher payroll and worse record in a weaker Division.

 
January 29, 2011  01:33 PM ET

Unless equal partner deal is offered, it will be a tough sale. What the wilpons are offering is not much different than the scam Madoff pulled off. who wants to give the wilpons their money to manage?

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