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Friday, February 13, 2015

Megdal: Capital Sports-Biz Report: The state of the Wilpons; Red Bulls as anti-Galacticos

Does the new column mean Howard’s no longer in the running for the NBC Nightly News gig?

Welcome to Capital’s new Sports Business Report, a weekly digest of news on the top players and institutions in one of New York’s highest-profile industries. ...

Here are the numbers you have to actually remember, and what keeps Fred Wilpon and his partners up nights (and Wilmer Flores entrenched as a low-cost shortstop). The Mets’ parent company, Sterling Equities, continues to finance the $250 million in debt against the team. Sterling also continues to finance more than $600 million in debt against SNY. Below is a partial schedule of what comes out of team revenues directly in twice-annual debt balloon payments for the next eight years.

June 2016 - December 2018: $21,950,000

June 2019 - December 2022: $22,000,000

The schedule continues like that through 2045.

It all means that the Mets are spending more on financing debt than they are on payroll.

So sure, it’s nice every time the Madoff trustee announces another victory, primarily because it helps people actually victimized by Bernie Madoff. But Mets ownership has far bigger numbers to worry about.

Which is also why you can safely dismiss the qualified comments by new MLB commissioner Rob Manfred on Wilpon finances. Notice that he insulates himself by claiming no knowledge of their ability to spend just before endorsing it.

Also via Adam Rubin: http://es.pn/1vHGiwn

“Asked point blank if the Mets have the capacity to boost their payroll now, given their seeming lack of appetite to pursue trades for big-ticket items such as Troy Tulowitzki and Ian Desmond to man shortstop, Manfred added: “I don’t know what their internal considerations are with respect to individual trades, and it’s not appropriate for me to talk about that. But I have never had a question about the Mets’ capacity to spend if they decided it was in their baseball interest to spend money. I really don’t believe that’s an issue.”

Tell that to the fans about to watch a potential contending team fail to address basic roster holes or depth this winter.

JE (Jason) Posted: February 13, 2015 at 11:32 AM | 22 comment(s)
  Beats: citi field, madoff, mets, troy tulowitzki, wilpons

 

 

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