One of our longtime readers, tlagee, shared a link to an article in the New York Times last evening, reporting that Standard Poors had lowered the bonds issued to Citi Field from a BB+ rating to BB.
The downgrade by S&P is unlikely to affect the Mets much in the short-term unless they issue new debt, but the move does speak volumes.
You see, as I’ve been saying for quite some time now on this site, it takes a lot more than cutting expenses and slashing payroll to increase profitability. What the Mets need more than anything else is a team that is good enough to draw fans back to Citi Field in droves. Unfortunately, all the front office has done instead is shed the team’s best players and downgraded at various positions rather than doing the inverse.
You might point to the David Wright contract and say “a-ha, the Wilpons are spending again.” Not really. Wright will get paid $8 million less in 2013 than if he had merely kept his 2013 team option intact. He got played for a sucker....