SBN report says Mets have hired bankruptcy consultant

The Mets have acknowledged to reporters that they have engaged CRG Partners to provide services in connection with financial reporting and budgeting processes.

This morning in the New York Times, Richard Sandomir quotes Peter Kaufman, president of the Gordian Group, an investment bank that specializes in bankruptcies and restructuring, as saying, “Given CRG’s expertise in bankruptcies, it’s certainly a fair implication that it’s been hired to prepare the necessary bankruptcy schedules, projections and filings.”

Original Post at 9:00 pm

In a report for Amazin Avenue, Eno Sarris says, “The Mets have hired CRG Consulting — the turnaround consultants that handled the Rangers’ bankruptcy sale — and that a team sale with or without bankruptcy is on the table,” according to a source familiar with the situation.

“Hiring turnaround consultants doesn’t necessarily mean that the team is specifically preparing for bankruptcy and a sale,” Sarris points out.

In December, John Harper of the Daily News said, “There is now a level of pessimism among MLB people about whether the Wilpons are going to survive their financial problems.” Also that month, the New York Times reported that if a full lineup of minority stake investors was not in place by this spring, “and cash not in hand,” the team’s current principal owners might have to confront the prospect of selling the team entirely, according to two people with knowledge of the team’s finances.

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Matthew Cerrone: Eno is right, when he warns not to draw ultimate conclusions from his report. However, this must mean the team is at least preparing for all options and that is a sign of something it would seem. I know this, though: the Wilpon family truly wants to remain principal owners of the team and so it’s going to take a lot to pry them away from the wheel. Relinquishing that control to raise cash would be an absolute last resort. However, if this report is accurate, it could indicate they now think anything is possible…[/jbox]

Here is additional insight from Mets beat writer Andy Martino of the Daily News on Twitter:

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To read Eno’s entire report, which is quite detailed, drawing an apples-and-oranges situation to what went down with the Rangers, click here.