“I think the club became in jeopardy when he filed (for) this billion dollars,” Fred Wilpon told Tom Verducci, for a detailed story in this week’s Sports Illustrated. “That’s when I decided to sell part of the club and maintain control in our operations and share the partnership with somebody.”
I just finished reading an advanced copy of Verducci’s story and it is outstanding. It’s similar to Jeffrey Toobin’s story in the New Yorker, but from more of a baseball context, and how it impacted the Mets… without the salacious quotes of course.
Original Post at 6:24 am:
The Mets are “bleeding cash,” and could lose as much as $70 million this year, Wilpon also told Verducci in the article.
In addition, he said, while the team is willing to discuss a settlement in Irving Picard’s clawback lawsuit, “Gov. Cuomo has not been able to at this stage convince them that the $700 million is not going to be obtainable.”
In the meantime, Wilpon told SI he could raise $200 million within three weeks by selling a stake in the team, $25 million of which will immediately go back to MLB who gave them an emergency loan last fall. According to the Daily News, “$75 million will be used to pay down the $427 million in team debt. The remaining $100 million will be used for operating costs.”
Last month, according to Fortune Magazine, a potential investor said the team’s liabilities are closer to $625 million, “from a buyer’s perspective.”