Mets Were Bailed Out by Baseball Last Fall

Wilpon_harryMets owner Fred Wilpon and Prince Harry

Like a car company in the Obama era, the Mets received bailout money from Major League Baseball last fall: [New York Times]

The Mets have exhausted baseball’s standard bank line of credit, tens of millions of dollars that Mr. Selig and the sport’s owners make available to teams for a variety of reasons in the course of a year. The owners also have more than $400 million in debt on the team. Thus, the additional money provided by Mr. Selig — done in secret last November — might have been crucial in keeping the club functioning. Three weeks ago, after months spent denying that they were in any significant financial trouble, Mr. Wilpon and Mr. Katz announced that they were willing to sell 25 percent of the club, which is valued by Forbes magazine at $858 million. In recent days, the men indicated they were willing to sell even a larger share of the team, but they have insisted they do not want to give up majority ownership.

 

Funny how a team with a $140 million payroll needs a bailout. That's what a Ponzi scheme will do to you.

Much more at the New York Times.

The Amazin' Mets, folks.

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9 Responses

  1. While I’m happy that the Mess are in such a, well, mess, I find it more than a little irksome that, for all intent and purposes, Bud Selig slid Wilpon and company that bailout money under the table. I’d love to know why, especially when the baseball world already knew the Mess were mixed up in the Madoff disaster up to their eyeballs and were in financial trouble. I also worry what Selig did might set a disturbing precedent, how long before other teams crying poor mouth beg Selig for a similar bailout?

  2. I agree with the flash about setting a precedent, but on a more important note …. Fuck the mets, this is the definition of New York as a whole! they are scumbag, piece of shit “i dont have to be financially responsible b/c i am playing with someone else’s money” assholes…. But seriously if this were the Oakland A’s or the TB Rays, would this have happened? i doubt it. fuck fuck FUCK new york and their false sense of entitlement(that bud selig just helped increase), oh we are a team in NY we have to have a 100 million+ payroll, no you dont, not when you get ass fucked by Madoff! Fucking pricks…. now that i got that out i am feeling Cliff Lee….

  3. Adam fuck you AND fuck the philthies you dirtbag! Its a loan, money will be reimbursed. God, I wish madoff got his hands on the philthies you wouldnt be talking stupid like that

  4. See alex you dumb shit, I doubt that our management team would have allowed themselves to come in contact with a person such as madoff…. you are telling me that the mets are the only team near NYC that have been/are approached by people pitching Ponzi schemes???? Wake up and smell the rotten shit that is the METS! Didnt hear anything about the Yankees, Knicks, Rangers, Giants or Jets… And must have missed the surronding teams like the NJ Nets, NJ Devils, NY Islanders that MADE STUPID DECISIONS fueled by GREED….

  5. Hahaha Alex, sour grapes, like all Gaymets fans. Why don’t you all restore honor and dignity to the sport and to the country and go piss up a rope, pound sand, then jump off the Verrazano Bridge like Tony Manero’s friend.

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