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LWIB (Part II): Are the Wilpons and Katz Keeping the Mets? Plus Tidbits

Found February 08, 2012 on The Biz of Baseball: Yardbarker Blogger Network
PLAYERS: Fred Wilpon,  David Einhorn,  Tom Hicks,  Frank McCourt
TEAMS: New York Mets,  Texas Rangers,  Los Angeles Dodgers

Mike-piazza
This week, a second edition of “Last Week in Bizball”. Can Wilpon and Katz keep the Mets?, plus the tidbits. ARE WILPON AND KATZ KEEPING THE METS? Where to start with the Mets woes? Irving Picard, representing the victims of Bernie Madoff, is attempting to extract close to $400 million from Mets owners Fred Wilpon and Saul Katz (aka Sterling Equities). The Mets operating losses over the past 2 seasons are reportedly $120 million. In November, the Mets arranged a bridge loan from BofA for $40 million. MLB also loaned the club $25 million and both are expected to be repaid next month. The baseball club and Sterling’s RSN, SNY, combined, have a reported $375 million coming due in a few years. Attendance and ticket prices at Citi Field have dropped dramatically the past few seasons. This upcoming season will see the Mets slash year-over-year payroll by $50 million plus and the team is expected to stink. They also folded a minor league team this off season. Last month it was reported t...
Original Story: http://bizofbaseball.com/index.php?op... Verified_ybn
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