Phillies Release Statement on Debt

Phillies_money
As we first told you about this morning, the Phillies have debt more than 10 times their annual earnings. This afternoon, David Montgomery released a statement: [Philly.com]

"In recent years, the Phillies have been compliant under the debt-service rule," Phillies president David Montgomery said in a statement. "Our last submission for 2011 indicated that we are currently not compliant. As a result, we met with the Commissioner’s office and are working on ways to remedy our current situation."

 

That's a lot of loans for baseball's 6th most valuable franchise

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6 Responses

  1. Yeah keep ripping the mets because of their debt , when your own philthy team is in debt you moron!!!

  2. wow…mets fans come onto crossing broad to check out phillies news???
    must be a slow season for their team….

  3. KC: I guess Mess fans want to read news about a REAL baseball team instead of the train wreck they follow.

  4. Lol @ Kim and Joseph.
    Enjoy this little tidbit of information, provided by Forbes (http://blogs.forbes.com/kurtbadenhausen/2011/03/23/baseballs-most-valuable-teams/):
    Only three teams had a negative operating income in 2010: the Detroit Tigers (-$29 million), Mets (-$6 million) and Boston Red Sox (-$1 million), which collectively spent $475 million on players (including benefits and bonuses). Each ranked among the top six biggest spenders last year, but the Mets and Red Sox own stakes in regional sports networks, which offset any losses on the diamond.
    Strong attendance and local television ratings boosted the values for teams like the Philadelphia Phillies (up 13% to $609 million) and Cincinnati Reds (up 13% to $375 million).

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