From the NY Post:The Mets are striking out with Wall Street's bond investors after the credit rating of team's new home Citi Field got slammed with a threat of being downgraded to junk status.
Moody's Investors Service said yesterday it might trash Citi Field's ratings on $613 million it borrowed in 2006 through bonds to erect the stadium, which opened last month.
The problem isn't the team's under-performance this season or a shortage of loyal fans. Moody's says the monkey wrench is that the backup insurance guaranteeing that the bonds would be repaid could be on the skids due to the recession.
The backup guarantees were provided by Ambac Assurance Corp., which itself has fallen on hard times and got downgraded itself -- leaving all its paper similarly tainted in Moody's view.
8 comments:
LOL
My buddies and I been calling it Junk stadium since it started going up.
What kind of idiot is going to pay $18 parking plus $200 a seat to see the Mets loose from an obstructed view seat ?
You cant take a family of 4to Orlando or Bermuda and back for what good seats and 6 hotdogs will cost ya
I got free tix and had a great experience at the new stadium. That being said I am still disgusted by how it was financed. But I am most disgusted by the lack of run support for Santana.
Bloomturd should have left well enough alone! The citizenry are being to wake up to the fact that Shea and the old Yankee Stadiums were much more fan friendly. New Yorkers want baseball and not newfangled sports arenas dedicated to corporate greed, food emporiums, and lower seating capacities. I must say that I am enjoying the lack of ticket sales for those overpriced seats. I hope this becomes a campaign issue in the upcoming mayoral election.
Baseball is the people's game, and the powers that be decided that the people were not welcome. It will be interesting to see who the next generation of baseball fans will be since little children are completely locked out.
Welcome to the future of baseball: 'Mall Parks.'. It's no longer about fans enjoyment in watching a baseball game, it's about how much they can spend.
Buy your tix from StubHub... You can get seats for dirt cheap...
Buy cheap tickets and just move down like everyone else does. Food is great (the prices aren't) but the stadium is nice. I am also disgusted on how it was financed but thats the society we live in.. they'll shut firehouses and won't hire teachers but the city will help finance stadium and buy land for private use. Oh well... Let's Go Mets..
"I am also disgusted on how it was financed but thats the society we live in.. they'll shut firehouses and won't hire teachers but the city will help finance stadium and buy land for private use."
Let's not forget the mayor's 2004 priorities:
http://www.youtube.com/watch?v=wJgmME5l_Os
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