Monday, February 7, 2011

Wilpon basically broke

From the NY Post:

There's no way Fred Wilpon can keep his grip on the team with a billion-dollar lawsuit hanging over his head.

Sources with direct knowledge of the 74-year-old Wilpon's finances said that even if an angel investor took the embattled owner up on his offer to buy 25 percent of the team for $200 million, it wouldn't put a dent in his potential Madoff liabilities.

The actual Met team -- including ticket sales, broadcast rights and branding rights -- is worth $860 million. But the team owes a staggering $430 million in debt. Last year, the Mets lost another $30 million, mainly from interest payments on that massive debt.

Citi Field, managed by Wilpon's Sterling Equities, is another financial drain.

Wilpon owes $700 million for construction. And under a deal structured with the city, the stadium -- controlled by a Sterling entity called Queens Ballpark Corp -- must pay $50 million in annual "payments in lieu of taxes."

The debt interest and stadium payments leave Sterling about $80 million in the red each year, sources with direct knowledge of the Mets' financials said.

Likewise, Sterling Equities' 65 percent stake in SportsNet NY is choked with debt.

The network gener- ates about $100 million a year in profit after paying $20 million in interest on $450 million in loans.

Of that profit, Wilpon only keeps $65 million because he has other partners.

So add all this debt -- around $1.58 billion -- to the near $1 billion he could owe Madoff investors, and there's no way he can keep the team.

12 comments:

Anonymous said...

The Mets is Dead

Anonymous said...

Couldn't happen to a nicer guy. Just think. The Mets gave a fundraiser for Claire "the cow" Shulman. Maybe she should do the same?

Bwahahahahahahahahahahahahahahaha!!!

They're all losers!

Anonymous said...

Wilpon owes $700 million for construction. And under a deal structured with the city, the stadium -- controlled by a Sterling entity called Queens Ballpark Corp -- must pay $50 million in annual "payments in lieu of taxes."

Hmmm....
Hey Bloomtard. How much did Shitty Field really cost taxpayers?

georgetheatheist said...

Yankee Stadium = The House that Ruth built.

Citifield = The House that Madoff built.

Joe said...

Whats a Queens ballgame ticket these days ?
Cry me a river !
What kind of idiot pay's $80 a pop + $18 parking, $5 hotdogs to see the Mets loose ?
(if you can see in that place)
$15 steak cart sandwiches ?

Shit a family of 4 can have a Peter Lugar dinner, watch the game AND ride in limo

Anonymous said...

I can't wait for these greedy folks to fight the charges, yeah right. Worse they were complicit. They must fork over immediately all their assets necessary to repay crime victims that seemingly all of their own faith. They are a bunch of pathetic folks who indirectly caused folks to commit suicide, die go bankrupt, folks suffered enormously etc.

In fact they should be criminally charged as they were sophisticated business folks who were in on a fraud to attract victims to their benefit.

Anonymous said...

If doubleday still owned the team shea would have been completly renovated and parts of it rebuilt. it was wilpon that allowed shea to crumble and he fought doubleday every step of the way which eventually made him sell to wilpon. now on top of a losing and failing ballclub business he also has a horrible crappy stadium to pay for..good luck

Anonymous said...

Me thinhks it is a good time for some good ole fashioned eminent domain on the WEST side of 126 Street. What's good for the goose....

Anonymous said...

Bring back Doubleday and Frank Cashen

Joe said...

Knock the piece of crap down.
People who live in NYC are going to need more junkyards and cheap places to get quality work done for when they are broke or taxed to death.
The use of Imminent domain is for the good of the people correct ?

The stadium is a poorly designed pile of crap.
I was there for the Billy Joel concert with the sound company crew.
We walked around with a spectrum analyzer to tune the FOH system we found a good 1/2 the seats have some kind of corporate sign or display blocking your view, the acoustics and electric also suck.
Wilpon and Bloombergs mob belong in jail !!

Anonymous said...

Yankee Stadium = The House that Ruth built.

Citifield = The House that Madoff built.
---------------------------------------------------
They're both houses built by Bloomtard!

http://www.youtube.com/watch?v=wJgmME5l_Os

Anonymous said...

Maspeth Mom says...
Lie down with dogs wake up with fleas..
Oh well....