Ad Disclosure
Phillies Release Statement on Debt
By Kyle Scott
Published:
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…
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.