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The Mets are Worthless
By Kyle Scott
Published:
Isn't it refreshing to see worthless used without a stupid Jayson Werth pun? Yes, yes it is.
A few days ago, news broke that Mets owner Fred Wilpon, who allegedly profited under Bernie Madoff's ponzi scheme, planned to sell a minority stake (20-25%) of the team so he could offset a planned $48 million settlement with the trustee for the bankruptcy of Madoff's business.
The Mets were valued at around $850 million last year, meaning that the minority stake would have gone for around $200 million. Not so fast, Fred. Today's NY Post reports that the Mets are $700 million in debt, meaning that minority stake is only worth around $39.5 million. Quick math tells me that the Mets, in total, are worth only slightly more than Cliff Lee's contract. Heh.
The Amazin' Mets, folks.
Kyle Scott is the founder and editor of CrossingBroad.com. He has written for CBS Philly and Philly Voice, and been a panelist or contributor on NBC Sports Philly, FOX 29 and SNY TV, as well as a recurring guest on 97.5 The Fanatic, 94 WIP, 106.7 The Fan and other stations. He has more than 10 years experience running digital media properties and in online advertising and marketing.