wilpon-katz

Mets double in estimated value, new loan due in 5 years

The Mets estimated value has risen from less than $600 million two years ago to more than $1 billion today, which has helped them refinance their entire $250 million loan (NY Post, Feb. 22).

The new five-year loan with Bank of America will allow the current ownership to keep control of the team (NY Post, Feb. 22).

It was recently reported that the team’s old loan limited them from greatly expanding payroll, but the new, re-worked loan will eliminate any restrictions (New York Post, Feb. 13). Last week in St. Lucie, Sandy Alderson denied having had any loan-enforced payroll restrictions since taking over as GM (Star-Ledger, Feb. 13).




57 comments
Jimmy Samaha
Jimmy Samaha

The Real Estate Market is starting to do well again. Times are getting better for homeowners and buyers. LETS GO METS!!!

Cliff Olander
Cliff Olander

Nelson Cruz signs for 1yr 8mill wit the Orioles in a stacked AL east and your tellin me that the Mets couldn't give him that? No financial restraints my ass!! This has got to be the worst ownership in MLB. I'm tired of the excuses yr after yr... Oh yea its allways next year we are gunna spend the $. I am just plain tired of seeing these Wilpons settling for a 3rd rate team yr after yr.. Sell the team Fred!!! You don't deserve to own a franchise in the greatest state in the US!! Go buy a stake in the Pittsburgh Pirates or KC Royals and no one will evere complain of your cheapskate ways! !

Frank Tangorra
Frank Tangorra

You have to look at the lawyer turned GM(Sandy Alderson) for the baseball moves. He had no problem telling us how much money this team has lost in the past few years but he never will tell us the value of the team has doubled financially. Signing Chris Young makes absolutely no sense now knowing what Cruz just signed for. Let's not forget the Wilpons are going to cash in on the construction that is going to start where the junk yards are across from Citi Field. A NY team in the biggest market in the country shouldn't be penny pinching when it comes to making the team more profitable. Bringing in impact players should never be a problem. SS and 1b were swept under the carpet when Alderson realized they weren't coming cheap. Now Tejada is the next big hype when last year they could not wait for the season to end so he could go away. He's goes to a fat camp loses some weight and becomes more mobile and now he's our guy. It's a joke but I will always root for the Mets. I just will never give my money to the Wilpons by going to Citi Field.

William John Dwyer
William John Dwyer

To be fair, and i cannot believe I am saying this, they were not worth 1B while being treated like a small market team. They just refinanced the loan yesterday. Now granted, i was hoping this situation would force them to sell. Now we are stuck with this idiots. I would consider what they do at this trade deadline, and this offseason will make that statement true or not.

hankypanky
hankypanky

Interesting reactions. No one has come up with a reason for why this family would want to get rid of a cash cow, however.

openmind6
openmind6

Greedy American Capitalism at it's best.

John Patrick Larkin
John Patrick Larkin

Maybe some attention should go to the story that the O's are signing Nelson Cruz for 1 yr 8 million. If this is true someone in the Mets front office should be gone. This is embarrassing.

Mushroombarleysoup
Mushroombarleysoup

Why does this generally feel like the worst mets news I've heard since Matt Harvey got injured?,.....shame that is,...

Bryan McEntee
Bryan McEntee

They've been screwing over the fans for five years and their reward is their franchise doubles in value. Smh

nolrog
nolrog

It was also recently reported that the payroll restrictions in the previous loan were false.  


They have doubled the value and halfed  the payroll.  Nice.  

PanchoVilla
PanchoVilla

You guys quietly brushed the Nelson Cruz signing...what a blog.  

gloveman
gloveman

sell while the value is high !!!!!! Please.

bleck319
bleck319

Fred Wilpon = narrator from Tales from the Crypt

Wishful thinking, but please sell the team and move to an assisted living facility in Boynton Beach

Jeff Wilpon = hiding under his desk because he is not intelligent enough to face the fans and the media

The most "in over his head" owner in professional sports

There are many in the media who are Mets fans such as Jon Stewart, Bill Maher, Bill O'Reilly, etc...

I realize there are much more important things in the world. But the way this ownership is screwing over "the folks" is worthy of a discussion. Fans spend a fortune to watch this team and their voices should be heard. Someone in the media should be brave enough to expose the Wilpons.

David Axelrod and Karl Rove should get together and run an ad campaign smearing the Wilpons by combining the worst aspects of the Bain Capital and Swift Boat ads. Lol. I'm just being facetious, but this charade has gone on too long.

mets2891
mets2891

Horrible news for Mets fans.  Until the Wilpons are gone this will always be a second rate franchise.

owlnut
owlnut

Damn it! I'm taking my money out of Bank of America. No loan may have forced the Wilponzis to sell the team. Now they can pocket the money and cry how broke they STILL are.

georgie
georgie

Wilpons took a five year loan for $250ml. and he owes another 400ml to investors. And you want the team to buy  big  time players.......keep dreaming.

Cliff Olander
Cliff Olander

The Orioles can afford to sign Nelson Cruz but the Mets cant? We were doomed the moment Doubleday left... The Wilpons are a utter disgrace!

Who-LeeOh Zee
Who-LeeOh Zee

Bud selig doesn't care about mets fans *kanye west voice*

zoddie
zoddie

Hopefully this means the Wilpons will give the flexibility to spend like they did in the past. People forget that the Mets were a top 6 payroll team every year from 2000-2011 with many years #1 in the NL. It isn't as if the Wilpons are cheap. They were just broke.

Andrew Oci
Andrew Oci

You can sign chris young fine......but you promise him hes gonna start when you have eric young and lagaras and now your gonna play young over lagaras ? Retarded!

mike miranda
mike miranda

Key fact here:loan hasn't closed yet. This is why mets payroll is at same level as last year.

drmetfan
drmetfan

It seems the Wilpons are coming out of their financial issues. Good for them and the Mets franchise. Having said that, I don't foresee the Mets spending money at will like in years pats. The farm system is in much better shape nowadays and a lot of the players will be home grown talent. I look forward to the future.

zoddie
zoddie

The Mets could have given him that. They didn't because Cruz isn't very good.

mags328
mags328

@PanchoVilla  Yeah, I wanted to comment there, but they don't have a comment section in certain articles. 

spo52
spo52

@gloveman  these low life co k suc ers are just bleed the fans and break our hearts.

Ed Yano
Ed Yano

Right we need to get those owners from 04,05,06 with the 140 million $ payroll.Yes let's boycott til we get those guys back.Lets make the Wilpons sell to those guys.Oh,wait can they sell to themselves?

rico
rico

@owlnut  Bank of America is a horrid company that also needed a bailout but will throw you to the wolves if you pay their VIg one day late. Go google BOA and they're evil loan-sharks.

Tarheel11
Tarheel11

@georgie  Ouch! I knew about the 600M due on SNY next year, where does the 400M come from? 

georgie
georgie

@Cliff Olander  That is why Doubleday left;  he  wanted a first class team and Wilpon wanted money to play the markets imo.

zoddie
zoddie

@7up17togoComparing any franchise to the way the Yankees can spend is silly.  They are usually so far away from the pack in spending that it is useless to compare with them.  Same city, but they have more fans, more of an international following, sell more stuff, etc.  Not to say the Mets couldn't be better at that if they were more successful, but the Yankees are the biggest franchise in the world, probably.


And the Yankees were eliminated from the playoffs last year with around a week to go in the season, so the 1 game fact doesn't seem right.  Unless they give him a pass because he was hurt, which makes no sense.

Tarheel11
Tarheel11

@7up17togo  Gotta love Metsblog! Notice there's no link or source for the 1B? Because it's not true. Forbes value on the team is 811M and Bloomberg is 779M. 

This franchise is in such financial trouble and all it takes is a little research into actual FINANCIAL institutions. But they won't do that because it shines a negative light on the Mets

mags328
mags328

That's how I feel. It's bad for baseball, given how there's this huge, passionate, NL fanbase being taken advantage of, and Selig has done little to nothing to change that. It can only be good for baseball to have the NY Mets be a perennial contender, a well run team. It's one of the things that has caused me to really dislike Selig as the commish (the deteriorating state of the umpiring is another).

mags328
mags328

@zoddie  If this were true, then I don't see how they couldn't afford to retain the rights to the FAN. 

drmetfan
drmetfan

You are right on. But aside from having one of the largest payrolls in baseball from year 2000 to 2011, what do the Mets have to show for it? Nothing! Hence spending money at will isn't the way to go about winning. Build from within and add free agents when needed and where needed. This is taking longer thank we all want it to but Alderson is going about it the right way.

Andrew Vazzano
Andrew Vazzano moderator

Chris Young potential > Eric Young potential

1harris1
1harris1

Maybe if the deal falls through and doesn't close, these frauds will sell the team?  One can only dream.

surfers08
surfers08

A future where you'll watch most if not all of that "Home Grown Talent" sign elsewhere either because the wilpons can't or won't spend the money to keep them....such a bright future indeed....If you're a Yankee fan! More reason to laugh at our team! The mets are and will remain the joke of baseball...At least while the wilpons are the owners...But I'm part of the problem, to the wilpons delight of course...BECAUSE, I'll continue to watch my beloved Mets and wait for better things to come as the wilpons sit back and regain their fortune...... What a bright future, INDEED!

mags328
mags328

@Ed Yano  How often have they spent that kind of money? When Omar came in, he had to talk them into spending more money. 


They also shouldn't be held to normal standards since they own a team that plays in NY with a huge, passionate, loyal fanbase, meaning, they have resources most teams do not. So a few years of spending a good amount of money (while cutting corners, mind you, in numerous ways) isn't good enough. Besides, you could easily argue that they were still being "cheap" because they focused the majority of their money on a few big names and cut corners on the rest of the team (bullpen, rest of starting rotation, second half of lineup, bench, draft) so that they can get fans to buy tickets off those big names (Beltran, Delgado, Pedro). They've made too many "cheap" decisions for me to give them much credit for the few seasons they've had a high payroll. And even then, you have to wonder how much the Madoff money they knew they were getting contributed to that willingness, something that isn't there any more.


They also have done a terrible job as owners of this franchise in general if winning is your barometer. Since they've been owners of this team (and worse, since they've been sole owners), how many times have we made the playoffs, and how many times did we come in last or second to last? How many embarrassments have we had to endure? Hec, they couldn't even retain one of their biggest advantages, having their games called on the FAN, NY's #1 sports radio station.


All in all, the Wilpons are terrible owners. They are as bad as you can get. God, any poster here could write page after page of reasons why, and still not get to it all, and I, for one, would be incredibly emotional if they ever sold this team. I pray for a Prokhorov type to swoop in and buy this team from them, but I don't expect it to happen, which is what makes it so much worse. These guys have truly made it difficult to be passionate baseball fans for so many of us. And it's a shame.

mags328
mags328

@georgie @Cliff Olander  And it wasn't like Doubleday didn't warn us. I never understand how anyone can defend the Wilpons. What a shame. 

mets2891
mets2891

@zoddie @7up17togo Were you around in the 80s?  Because if you were, you'd realize that the Mets owned this town of frontrunners.

Bryan McEntee
Bryan McEntee

@mags328 There are teams worse off than the Mets and Selig didn't do anything. The Pirates didn't make the playoffs for 20 years. Did Selig step in and force Pittsburgh to increase their payroll?

zoddie
zoddie

WFAN paid the Mets, not the other way around.

zoddie
zoddie

@drmetfan Well, they had two runs.  1997-2000 and 2006-2008.  With better GMs (which can be blamed on the Wilpons) they would have been more successful, especially in the later run.  Just imagine if we would have kept Kazmir.  That one trade probably cost the Mets two playoff appearances and a trip to the World Series.  

For the Mets, I think the Red Sox are the model franchise.  They have money, but also develop talent.  They've had a bit of success these past few years, too.  I agree that Sandy is putting the franchise on the right track.
 

zoddie
zoddie

@mets2891 @zoddie@7up17togo You know what?  I'll agree with you.  It is possible to take back this town.  If I were a betting man, I'd wager than the Mets will have a better record from 2015-2017, so maybe it can start now.  Nationally and internationally, it is hard to deny the Yanks history and brand, though. 

PanchoVilla
PanchoVilla

@mets2891 @zoddie @7up17togo  You said it yourself.  In the "80s"...what year are we in now?

Tarheel11
Tarheel11

@7up17togo  Could not agree more, but it's not the Wilpons running this team. It's their lenders. Their debt is so massive the banks are dictating the payroll. And next year is going to be worse. 

mags328
mags328

@zoddie @drmetfan  But even then, during those 2 runs, they cut corners. We had a terrible outfield during 99-00, and we barely even made the playoffs. I think that team's success was more about the will and mindset of the players than it was the owners, and it was also when the Wilpons had someone to partly keep them in check, when Doubleday was still here. Let's not forget, Fred Wilpon didn't want to trade for Piazza. Doubleday had to talk him into it. History would have been very different if Fred was sole owner at that point. 


And the more recent success we had, spending in and of itself wasn't their problem. They cut corners that wound up undercutting the money they did spend. They spent their money on a top heavy team that had poor bullpens (outside of '07), weak benches, weak rotations outside of a few guys, and they didn't spend on the draft. They chose to fill in key spots on the team with name players who were no longer in their prime and were injury prone, like Moises Alou and El Duque, because they were still guys who would make the team look better than it was and get people to come to games, which, to me, is what they are all about. They aren't about winning, they are about selling tickets. I know it's a business, but it's also a sport.