2012 NY Mets/Yankees Discussion Thread
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03-05-2012, 01:59 PM
Join Date: Jul 2008
Location: Brooklyn, NY
I assume they have the 83 million in personal fortune.
Things like the MLB loans and loans from the banks for the Mets are different though. There's Wilpons personal wealth & there's $ in the Mets and $ in Real Estate. Odds are the Wilpons are rich enough where they can take $ from their personal fortune, pay off all their debt, settle with picard for some obscene amount & still be doing fine.
But that's not what they're doing. The $ they owe MLB and the Banks, are being repaid with Mets $. Problem is, there is not as much Mets $ because the team used the Madoff $ to fund a large portion of the teams expenses in years past. So with that revenue stream now closed, they have to get all their revenue from ticket sales, concessions. corporate sponsorship etc. Problem is, attendance has been down & it's only going to get worse. I don't expect much more than 2 million @ Citi this year.
They can take $ from SNY to help offset all of this, but they treat SNY as a separate business. Which to me makes no damn sense. I understand the philosophy behind business men keeping their businesses separate. In other words you don't take $ out of your profitable ice cream store to help your struggling furniture store. But SNY & the Mets should be the same damn business. I somehow doubt that the Yankees don't reinvest the $ they make from YES into the team. The Wilpons take $ from SNY & reinvest it in SNY & pocket the rest. To me that completely eliminates the purpose to having your own network.
The sooner the Wilpons sell & take their black ****ing cloud with them, the better. Problem is, I don't see it happening for at least another 8 years. maybe more. IMO the Mets haven't even hit rock bottom yet from a financial POV.
They better hope & pray that Harvey, Wheeler, Familia & Mejia are the real deal. Those 4, along with some solid young hitters like Davis, Duda, Tejada & Murphy may be the Wilpons only hope to remain owners. Cause if those pitchers fail, & the Mets can't afford to go and bring in quality talent, then citi will be a ghost town for years.
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