I’m no math major, my SAT scores and Algebra teacher can attest to that.
But when I read that the Mets are close to finding five suckers (sorry, I meant Investors) in the Mets to help them cover some loans. I’m left scratching my head asking myself: How long can they keep this charade going?
A month or two ago the Wilpons made a “bridge loan” from the Bank of America for 40 million dollars. I quickly did the math in my head and concluded that the Mets were now in the hole a whopping 65 million. You see I also added the loan from Major League Baseball-I figured I was right on.
Boy was I off.
It was later published in the New York Times that the Mets not only are in about 350 million dollars in “Club Debt” but also borrowed about 450 million against SNY.
Using a calculator I figured that the Mets debt is rougly 785 million. Not counting the Madoff settlement( which the victims are seeking a nice 380 million) and the loss of revenue from last year-about 70 million.
For the record, I cross referenced 2 different websites( Metsblog, Daily News) for those figures so they may be off a bit- but honestly, does a couple a million really matter at this point? If the Wilpons lose the Madoff case, they can literally be in the hole about 100 million dollars.
Are you kidding?
My point is this, Fred Wilpon can convince five investors to help him out but just how long do the Mets have operating in the red? Here’s another question: Will they ever, ever, operate in the black?
Is it possible for the Wilpons to ever climb out of this hole?
Honestly, and like I said, I’m no math major, I can’t see it happening.
But let’s be optimistic, let’s say the 2012 pull off the next miracle and make the playoffs. Do you think that would do it? Do you think the Met team themselves can systematically pull the Wilpons out of debt with an amazing run to the Fall Classic?
A miracle paying off a tragedy?
What do you think?