The New York Mets have gotten successively worse, as a baseball team, each season since they started playing in Citi Field back in 2009.
Related: Attendance has gone down in each of those seasons from the previous one, placing an increasing stress on the already strained finances of the team’s ownership group.
Standard and Poor’s expects the trend to continue in 2013.
Nearly a year after the settling of the suit against Fred Wilpon and his partners by the trustee for the Bernie Madoff victims, an independent observer has come to the conclusion that the team’s ability to finance its stadium debt is worse than it was a year ago, just a few months from the scheduled trial date. (A similar conclusion from the trustee led to a settlement of that suit in the first place.)
The ratings service announced late last month that it was lowering the rating on the bonds issued to finance Citi Field to BB, two levels below investment grade, while continuing to rate the outlook as negative. And a deeper look at the supporting reasoning yields a familiar set of conclusions: the ratings agency believes attendance will drop further, on-field play will get worse, and the ownership group’s ability to cover losses is worse than it was a year ago.
Posted: January 02, 2013 at 03:59 PM | 38 comment(s)
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