In a breaking tweet, Richard Sandomir of the New York Times reports the Mets have settled for 162M with Picard
Update:
at 9:23AM, Richard simply tweeted “SETTLEMENT”
His next two tweets at 9:25 and 9:28AM detailed that it is a 162M settlement and if he heard correctly, the payment can be made through their own recoveries as Madoff losers. What I understand this to mean, is that where all Madoff losers are getting some portion back when they can recover, they can subtract those from their settlement, so the real number will actually be lower.
Additionally, Sandomir’s latest tweet at 9:36AM states that Wilpon and Katz will pay 29M together, but more details are not out yet.
Update 9:52AM
According to Boomer and Carton (not sure the source), with the idea that they will get a “Credit” for losses, this will come in potentially considerably lower. At this point, Picard and company are looking at a .50 to .60 on the dollar repayment, which sounds very optimistic. With that said, the Mets will wait 4 and a half more years before repaying, which will allow that loss amount to solidify and at that point will repay.
So at the end of the day, this is over and the Mets will likely pay between 81M and 162M to Madoff. Hopefully this is good news (not for the folks hoping for ownership to sell though), in that the Mets will be able to spend some money on the team… or so we can hope.
More updates via Mr North Jersey 9:57AM
According to WFAN the Mets will not pay anything for 3 years but Metsblog reported that Baumbach is saying $29M is due Apr 13.
Waiting for more details on this but it seems the net number will be $29M.
Update 10:03AM
According to @darrenrovell he tweets:
The deal between the Mets owners & the Madoff trustee was hammered out on Friday, mediated by former NY Gov Mario Cuomo.
http://twitter.com/darrenrovell/statuses/181741278260756480
Update 10:30AM
The happy Mets owner following 162 million settlement. twitter.com/jimbaumbach/st…
— Jim Baumbach (@jimbaumbach) March 19, 2012
101 comments
Mr North Jersey
3/19/2012-9:47am at 9:47 am (UTC -4)
Can it be is this finally over?
Ceetar
3/19/2012-9:50am at 9:50 am (UTC -4)
#win for people that want to talk exclusively Mets baseball.
I mean, people will still talk about them being broke and impending debt and all that, but no real ‘news’ will happen so it won’t take over.
MetsFan4Decades
3/19/2012-11:12am at 11:12 am (UTC -4)
I believe so. Better than going to trial b/c this way, there won’t be any appeals to drag this out.
mrose
3/19/2012-9:49am at 9:49 am (UTC -4)
appears to be Mr North
Mr North Jersey
3/19/2012-9:56am at 9:56 am (UTC -4)
According to WFAN the Mets will not pay anything for 3 years but Metsblog reported that Baumbach is saying $29M is due Apr 13.
Waiting for more details on this but it seems the net number will be $26M.
Mr North Jersey
3/19/2012-10:00am at 10:00 am (UTC -4)
According to @darrenrovell he tweets:
The deal between the Mets owners & the Madoff trustee was hammered out on Friday, mediated by former NY Gov Mario Cuomo.
http://twitter.com/darrenrovell/statuses/181741278260756480
oleosmirf
3/19/2012-10:05am at 10:05 am (UTC -4)
so basically the Wilpons came out of this almost unscathed.
That is very good for Mets fans because obviously they were going to do whatever it took to keep the team, even if it meant having a Pirates-like payroll…
Stick
3/19/2012-10:15am at 10:15 am (UTC -4)
unscathed might be a bit much to say. How about, without being furthur raped and pillaged?
saltygary
3/19/2012-10:24am at 10:24 am (UTC -4)
Having to pay up to $162 million is hardly unscathed. If it’s no big deal to you, why don;t you pay the tab for them so they can commit more dollars to payroll sooner.
oleosmirf
3/19/2012-10:32am at 10:32 am (UTC -4)
you mean 29 million…
saltygary
3/19/2012-10:35am at 10:35 am (UTC -4)
That’s just the down payment…
Amazing how millions of dollars have no significance when it’s not your money.
Stick
3/19/2012-10:40am at 10:40 am (UTC -4)
wait for all the details to come out, and the experts to break it all down, but it sounds like they might not have to shell out any more, since it will be offset by what they are getting paid back out.
oleosmirf
3/19/2012-11:00am at 11:00 am (UTC -4)
for someone worth almost a billion dollars, losing 29 million wont affect them much, if at all.
You can’t look at it through your own sense of money…
saltygary
3/19/2012-11:15am at 11:15 am (UTC -4)
You have always been in lala land regarding the impact Madoff has had to Wilpon’s finances along with their own poor decisions.
The team has a “Book Value” of -$225 M
http://www.forbes.com/sites/mikeozanian/2011/02/02/the-new-york-mets-book-value-negative-225-million/
It also has been reported that the Wilpon’s lost 700m to the scheme.
http://en.wikipedia.org/wiki/Fred_Wilpon
If every dollar didn’t matter right now, then the team would be run differently. If they had an extra 29m laying around they wouldn’t need MLB loans or Bridge loans, or minority investors.
kingman 26
3/19/2012-11:50am at 11:50 am (UTC -4)
In addition, when someone like Fred is “worth” a billion dollars, it generally does not mean he has $1 billion in a checking or savings account.
The worth is based on properties he would have to sell at market value, stocks, etc.
Being “worth” a billion most definitely does not necessarily mean you have 1 billion liquid funds available now.
oleosmirf
3/19/2012-12:05pm at 12:05 pm (UTC -4)
which is why they went into panic mode originally and had to prepare for the worst.
Had they known for sure this would be the result, the team’s finances would likely not have been in such poor shape and Reyes likely stays a Met.
trs86
3/19/2012-12:13pm at 12:13 pm (UTC -4)
Explain Oleo. Lets play this out, Mets decide to not extend Reyes last off-season, no Madoff issues but decide to wait and see if he is finally healthy. Discuss mid-season contract, no deal, Reyes wants to go to FA like he has always said. Negotiation period, Mets offer decent contract, Reyes gets wowed by Marlins who automatically go over the Mets contract.
You think the Mets would have matched the contract or in any case would have exceeded that contract?
MetsFan4Decades
3/19/2012-12:34pm at 12:34 pm (UTC -4)
I’m not convinced Reyes would still be here had their been no Madoff issue.
All depends on if SA thought it prudent to at least match what Miami gave them.
Sounded to me like Miami was going all out for Reyes so they might have topped any offer the Mets made.
Plus, if Samson is to be believed, Reyes wanted to go to Miami. Don’t think it had anything to do with ‘not feeling the love’, but who knows how it would have went down if the Mets came out with an offer during their exclusive negotiation window?
We’ll never know now.
As much as I loved Reyes, I’m moving on. Really have no choice.
trs86
3/19/2012-12:56pm at 12:56 pm (UTC -4)
Agreed, especially with that loony contract the Marlins could have just added another year. It’s not like they have intentions of paying it anyway.
kingman 26
3/19/2012-1:35pm at 1:35 pm (UTC -4)
Oleo, I am not sure what in the world you mean here, but the Wilpons used Madoff as a source of funds for years—that is still over, despite this settlement.
They used Madoff as collateral for bond issues and loans—that is totally over.
Their finances remain in terrible shape despite this.
This means they can hold on to the team.
It does not erase the 70 mil in 2011 losses they claimed, it does not erase the huge bank loans they recently took out, it does not erase the massive debt on Citi, and it does not improve the outlook for 2012 Met revenue.
Had this happened 6 months ago, we would almost certainly be looking at the exact same 2012 Met team.
Stick
3/19/2012-2:56pm at 2:56 pm (UTC -4)
Knog, they effectively already took care of the 70 mill deficit. And the share sales easily cover the ST bridge loans. Also, the big hit payments (bonds, 25mill on the stadium) were all part of that 70 mill shortage in operating costs (it wasn’t just making payroll).
the LT debt? Well, that was likely always intended to be refinanced into a longer term payment plan.
and keep in mind, Madoff blew up in 2008. That funding source has not existed for 3.5 years, so they are well used to it at this point!
not saying there are now rolling in the dough, but they should at least be able to break even, including making their debt payments.
trs86
3/19/2012-11:52am at 11:52 am (UTC -4)
Well I would not think they actually LOST 700M but maybe that much in fictitious money to start with but I guess if you think you have 700M and lose it then you still lose it.
Stick
3/19/2012-2:57pm at 2:57 pm (UTC -4)
It’s like your house. if you bought it in 1990 for 100k, and in 2007 it was on paper “worth” 300k, and you sell it tomorrow for 200k, did you make or lose 100K?
NJstuckinTX
3/19/2012-10:07am at 10:07 am (UTC -4)
So overall, the 200 Mil in minority investors covers a good chunk of everything, right? 83Mil + 162. Then minus out some of the $ that they would effectively be paying themselves? Or am I confused on that?
NJstuckinTX
3/19/2012-10:08am at 10:08 am (UTC -4)
Actually, I’m reading that includes the 83 mil, so it’s only 162 total(?). So that would be huge, as the 200 mil would more than cover the over all.
Stick
3/19/2012-10:11am at 10:11 am (UTC -4)
I believe it is the total amount. The 83 was kind of the floor, and the 330 the ceiling, so they settled in between.
Think of it as an arbitration hearing. The 83 was the mets figure, the 330 was Picards, and they decided to settle before letting someone else decide which one to go with.
NJstuckinTX
3/19/2012-10:13am at 10:13 am (UTC -4)
So they can sign Oswalt now?
Stick
3/19/2012-10:41am at 10:41 am (UTC -4)
you might be joking, but if they really wanted to send a message to the fans (a shot across the bow), making a move like this would be a tsunami.
would it sell enough tickets to pay off? damned if I know, but it just might.
MetsFan4Decades
3/19/2012-11:15am at 11:15 am (UTC -4)
I’m just not sure Oswalt wants to come here.
For whatever reason, he decided to wait mid season until someone needs his services – or so it came out.
If he comes here and pitches well, he probably can expect to be traded come mid season to a contender. And maybe he’s had enough of that.
trs86
3/19/2012-11:55am at 11:55 am (UTC -4)
Well they could sign a very creative contract. One that allows him to pitch in the more friendly confines of Citifield. Then a list of teams that he is willing to be traded to by July 31st and if he makes it past that deadline then an opt out clause in August before the waiver deadline.
Is a contract like that even legal? LOL.
oleosmirf
3/19/2012-12:07pm at 12:07 pm (UTC -4)
it seems though the Mets are committed to their current 5 man rotation even with all the question marks…
trs86
3/19/2012-12:14pm at 12:14 pm (UTC -4)
Well it did appear that way but that was before this decision and before Pelfrey looked so awful.
mrose
3/19/2012-10:09am at 10:09 am (UTC -4)
My understanding is 162 includes the 83? I haven’t heard for sure.
If it doesn’t, they will pay 29M shortly and the rest will be determined years down the road after all the settlements are handed out
Stick
3/19/2012-10:13am at 10:13 am (UTC -4)
that seems to be what the reports are saying. Fred and Saul pony up the $29 now for the fund (like everyone else that settled), and once all suits are settled the trustee will tally up the net losses and pay out from the fund on a percentage basis. Possible there the mets will owe some more, but not clear.
Ideally for them, the deal is they just get what they get in a few years out of the net losers pool, which would mean what they pay now is their refund amount.
Stick
3/19/2012-10:09am at 10:09 am (UTC -4)
should have done this a year ago and saved everyone time and money. Except Picard, would have cost him money, which is the only reason it dragged on so long IMO.
People always seemed to forget that the Mets/wilpons/sterling had a ton of accounts, and some were net losers. So sounds like the bottom line is the team should be relatively in the clear for now.
still not seemingly in good financial shape, but without this big unknown hanging over everything, they should be able to make a real budget/plan for the next few years.
Not thinking they will suddenly go on a spending spree, but certainly seems realistic that Sandy might be allowed to spend some of this “flexibility” he accumulated in the right situation.
Heck, maybe this will lead to them cutting Bay early in the year (one can always hope).
oleosmirf
3/19/2012-10:19am at 10:19 am (UTC -4)
yup, Reyes would still be here, that’s for sure…
trs86
3/19/2012-11:58am at 11:58 am (UTC -4)
I am just not so sure about that. Unless they signed him in the 2010 off-season then he was gone at the end of 2011 (assuming the Marlins still make their ridiculous offer). There was no way Sandy was matching or going over that contract amount in terms of years or cash for Reyes and nor should he have.
oleosmirf
3/19/2012-12:56pm at 12:56 pm (UTC -4)
Pretty much every big contract is a “bad” contract. Had the Mets been able to afford a 110 million dollar payroll, I firmly believe they would have given him the “bad contract” to keep him here.
Sure, Tejada is absolutely going to give you more production per dollar, but I believe there are certain instances where giving out “bad” contracts is perfectly ok and Reyes is an example of that.
If you avoid the terrible ones like Bay, Perez, Castillo, then giving Reyes 20 mil a year to play 120 games wont hurt you…
trs86
3/19/2012-1:00pm at 1:00 pm (UTC -4)
Eh, I just don’t see Sandy giving that contract. Sorry. I also think it is wise that they did not.
Stick
3/19/2012-2:59pm at 2:59 pm (UTC -4)
overpaying for a top talent (if it doesn’t otherwise crater your payroll) is fine. Yankees have been doing it for years, and to an extent the Phils are now also.
The killer is when you pay top $, and get squatola out if the player.
NJstuckinTX
3/19/2012-10:20am at 10:20 am (UTC -4)
And somehow, Sandy is to blame for something here.
saltygary
3/19/2012-10:28am at 10:28 am (UTC -4)
If it wasn’t for Sandy it would of been settled last year. He wanted to use this uncertainty as a excuse to drive down payroll and make the team uncompetitive for years to come. He is probably sulking in the corner right now that more money wasn’t wasn’t spent on the case to use as a further excuse not to add onto payroll for one more year.
MetsFan4Decades
3/19/2012-11:16am at 11:16 am (UTC -4)
LOL
$BlameAnderson
MetsFan4Decades
3/19/2012-11:17am at 11:17 am (UTC -4)
Jeeze
#BlameAnderson
Mr North Jersey
3/19/2012-10:26am at 10:26 am (UTC -4)
@darrenrovell
Wilpon: The 1st priority is getting back to Fla tomorrow & getting the Mets back to the prominence that fans and New Yorkers deserve.”
http://twitter.com/#!/darrenrovell/status/181745929139929090
mrose
3/19/2012-10:33am at 10:33 am (UTC -4)
and waiting for the pessimists to take that and run with it:)
Ceetar
3/19/2012-10:45am at 10:45 am (UTC -4)
His fastball is flat, and he has no secondary pitches. But hey, go for it.
kingman 26
3/19/2012-11:51am at 11:51 am (UTC -4)
“getting the Mets back to the prominence”
Hmmm, aside from 1985–1988, when was this “prominence?”
trs86
3/19/2012-12:00pm at 12:00 pm (UTC -4)
Well as much as it pains us to say because of the eventual outcome….
2006-2008
I guess you could throw in 99-00.
If it weren’t for the miracles that occured during the 86 playoffs you could say 87-88 were very similar to that 2006-2008 span.
MetsFan4Decades
3/19/2012-1:27pm at 1:27 pm (UTC -4)
Sure. Any season you come down to the last game or two of getting in post season – or actually get to post season – has to be considered ‘relevant’.
kingman 26
3/19/2012-1:30pm at 1:30 pm (UTC -4)
Yeah, but to me “relevant” and “prominent” are vastly different things.
kingman 26
3/19/2012-1:30pm at 1:30 pm (UTC -4)
Gotta strongly disagree here Chief.
The Mets owned NY and were one of the game’s best teams from 1985-1988.
2006–2008? One playoff series win and two massive chokes with the WC? They’d have made it every year from 1985–1988 with a WC. The 2007 and 2008 teams were not close to the 1987-1988 teams I think.
1999-2000? Prominence? With the Yanks winning the WS every year?
Gotta disagree.
The Mets’ only sustained era of “prominence” I would think would be 1985–1988.
MetsFan4Decades
3/19/2012-2:06pm at 2:06 pm (UTC -4)
I’ll concede the difference between prominence and relevance. Fair enough.
IMO, the only years we came close to really having what might have been considered a dynasty was the mid/late 80s. All over though by ’89.
I’ll take relevance though. Going into the ’07 and ’08 season there were still high expectations for getting to post season.
Ceetar
3/19/2012-2:24pm at 2:24 pm (UTC -4)
The Mets will be relevant this season.
Stick
3/19/2012-3:01pm at 3:01 pm (UTC -4)
they are always relevant to me.
And I do think they are going to surprise (in a good way) many people this year.
darknova306
3/19/2012-4:02pm at 4:02 pm (UTC -4)
It’s easy to surprise people that expect 100 losses.
saltygary
3/19/2012-10:33am at 10:33 am (UTC -4)
This is awesome news whether you like the Wilpon’s or not. The uncertainty is gone and having it paid out in a few years is a big deal as well. They can work towards building the team up, which will slowly help bring up the value of the team back up, which will help them further reorganize debt and maybe pay some off.
The Wilpon’s always spent money and they will spend again. Hopefully now they will learn from their lessons and spend the money more wisely and also not tie in deferred contracts to investments with larger than average market returns.
Stick
3/19/2012-10:34am at 10:34 am (UTC -4)
having the specter of the unknown lifted is going to be a huge plus for the team now. the owners were not likely going away anyhow (and if they did, it probably would have been after a long death spiral), so this give them the best shot at actually moving forward and upward.
also, this blurb from above ” According to WFAN the Mets will not pay anything for 3 years but Metsblog reported that Baumbach is saying $29M is due Apr 13.”
I think it is both. Fred and Saul it seems have to pay in but the team itself is part of the net losers payout. At least that is the way I interpret it.
In any case, good news.
Stick
3/19/2012-10:38am at 10:38 am (UTC -4)
If the Madoff cloud is gone, time to look at the real elephant in the room, and the reason payroll was cut so much (IOW, the reason for the infamous $70,000,000 loss.
Missing fans!
If you want to see the team actually have the money to build (lock in key guys, get a few appropriate FAs), round up 500K-1mill people to buy a ticket and show up.
depending on the average $/person you use ($50-$100/per?), that represents 25-100million in annual revenue.
and that, my friends, is why the payroll was slashed and Reyes is not here (largely on Reyes).
mrose
3/19/2012-10:43am at 10:43 am (UTC -4)
i agree with a lot and as much as I think Reyes would be here without this problem, I will miss Reyes, but I can’t see that being the right amount of money for him at this point.
Anyway, lets lock up Wright, get rid of Bay and start moving forward. Who is in the free agent class next year?
saltygary
3/19/2012-10:51am at 10:51 am (UTC -4)
I agree with about Reyes and not wasting money on him but I really don’t want to get into another Reyes spiral.
Even though I just added to it…
trs86
3/19/2012-11:05am at 11:05 am (UTC -4)
Agreed, time to move on from Reyes and most likely not a good idea to lock up Wright either.
Stick
3/19/2012-12:36pm at 12:36 pm (UTC -4)
not interested in locking up Wright at this point. And that is for BB reasons, not from being worried about being able to cover payroll in 2014. I just don’t trust him to be worth big $$ in his age 31+ seasons.
NJstuckinTX
3/19/2012-10:58am at 10:58 am (UTC -4)
Brian McCann, Mike Napoli, Miguel Montero, Josh Hamilton, Delmon Young, Michael Bourn, BJ Upton, Andre Ethier, Matt Cain, Zack Greinke, Hole Camels, Franciso Liriano, Brandon McCarthy, Brandon League…
trs86
3/19/2012-11:08am at 11:08 am (UTC -4)
Hmm, I will take Brian McCann/Miguel Montero, Upton/Ethier, Cain, and Liriano/McCarthy….
LOL, I am Omar hear me roar.
NJstuckinTX
3/19/2012-11:13am at 11:13 am (UTC -4)
The catching free agent class looks decent, though I don’t know how the big names aren’t re-signed…
trs86
3/19/2012-11:21am at 11:21 am (UTC -4)
I am not sure the Braves can afford McCann, Bourn and normal raises.
They almost NEED Chipper to retire.
saltygary
3/19/2012-10:50am at 10:50 am (UTC -4)
Exactly. It will get worse this season as well. Not much to see until the kids start coming up. It will be nice to see them active at the trade deadline and with Harvey coming up the more hardcore fans will start appearing again. Add to that next year’s FA class and more kids coming up and then you will see people coming around again.
If it wasn’t for corporate ticket buyers and the locals, there wouldn’t be anyone there. For me personally I cannot drive down from NH and spend that coin on this team. Prior to 2008 I was doing it 3 times a year and spent money on playoff tickets. This year I even cancelled my DTV baseball package and I’ve had it since it came out 9 years ago.
Luckily I have caught them at other stadiums when we happen to be in the same town when I travel for business.
Stick
3/19/2012-12:38pm at 12:38 pm (UTC -4)
I wonder if one of the reasons to tender Pelf (other than not having anyone else for the rotation…) was hoping he would show enough to be traded at the deadline, when they were expecting Harvey to be ready to come up and replace him?
mrose
3/19/2012-10:40am at 10:40 am (UTC -4)
if there was a caption contest on this picture, i think Fred is going ” ohhhhhhhhhh yeaaaaaaaaaaaah” like that annoying Chase Freedom commercial where the guy finds $1 on the floor. Slightly better reason to be excited though
http://www.youtube.com/watch?v=dOlWehDEkoE
saltygary
3/19/2012-10:42am at 10:42 am (UTC -4)
Awesome.
This one actually came to my mind:
http://www.youtube.com/watch?v=R8kDsM0M-vg
Mr North Jersey
3/19/2012-10:59am at 10:59 am (UTC -4)
So the Mets payments is actually 2 equal payments in the 4th & 5th year.
“shall be divided into two equal annual installments payable by Defendants at the end of the fourth and fifth years”
http://espn.go.com/blog/new-york/mets/post/_/id/40365/wilpon-picard-settlement-agreement
mrose
3/19/2012-11:07am at 11:07 am (UTC -4)
anyone else HATE Brad Benson commercials on WFAN?
saltygary
3/19/2012-11:17am at 11:17 am (UTC -4)
Don’t listen to the fan much but is that the Hundai guy that talks about not having sex with his wife until he sells a certain number of cars?
If it’s that guy, he is a complete ass.
MetsFan4Decades
3/19/2012-11:26am at 11:26 am (UTC -4)
Kars for Kids even more annoying. Probably b/c after hearing that jingle so many times over the years makes me want to tear my hair out.
kingman 26
3/19/2012-11:52am at 11:52 am (UTC -4)
And shouldn’t they promote correct spelling for those kids??
Ceetar
3/19/2012-11:10am at 11:10 am (UTC -4)
baseball. baseball! baseball!!
Phillies collapsing the target NL East wins number! If my prediction of all teams within 15 wins ends up being wrong, it might be because Miami or Washington lose more than expected rather than the Phillies magically winning 95+ again.
MetsFan4Decades
3/19/2012-11:27am at 11:27 am (UTC -4)
I’m seeing Phillies looking for IF help at this late date due to Howard/Utley and now Polanco injury issues.
Curious about Halladay’s next outing too – since so much seemed to have been made about his reduced velocity.
trs86
3/19/2012-11:33am at 11:33 am (UTC -4)
Yeah, too bad we don’t have a Luis Castillo to send to them.
MetsFan4Decades
3/19/2012-11:37am at 11:37 am (UTC -4)
Let’s send them Bay. Then Mayberry can play first b/c I’ll be surprised if Howard makes it back by mid season – if not towards the end.
trs86
3/19/2012-11:48am at 11:48 am (UTC -4)
LOL, hmmm I wonder if they would already do Bay for Papelbon? LOL what an awful contract.
MetsFan4Decades
3/19/2012-1:31pm at 1:31 pm (UTC -4)
Yeah, I think they’re going to regret that Papelbon contract – especially b/c they’re quickly reaching that luxury tax threshold.
Not that I want Papelbon and that contract either but Francisco isn’t impressing so far this spring. Here’s hoping once the season starts, he settles down to business.
darknova306
3/19/2012-12:41pm at 12:41 pm (UTC -4)
It’ll likely be due to the Mets being a below 500 team, which they will be.
Mr North Jersey
3/19/2012-11:53am at 11:53 am (UTC -4)
I can imagine that Francesa is working hard to get either of the Wilpons on WFAN this afternoon.
kingman 26
3/19/2012-11:55am at 11:55 am (UTC -4)
Sorry, but I wouldn’t get too thrilled about this settlement just yet.
The Wilpons remain in a terrible financial spot, and all this really means is that they will almost certainly be able to keep the team.
It doesn’t change how much they lost last year, the insane Bay and Johan deals they are saddled with, the current terrible state of the team and state of the rest of the division, it doesn’t change the fact that they will almost certainly be thrilled to break even this year, nor does it change all of the loans they have to repay, debt on Citi, etc.
It’s great news for Fred & Co.
Not sure how great it is for absolutely anyone else at this point.
trs86
3/19/2012-12:02pm at 12:02 pm (UTC -4)
Well, that being said the money from those investors should help tremendously. The end of this case should also allow them to roll over some of these loans instead of having to pay them all back in the short-term.
MetsFan4Decades
3/19/2012-12:29pm at 12:29 pm (UTC -4)
Bare minimum Kingman, it puts it all to rest. No trial = no potential appeals = not dragging this out.
Whether the Wilpons have enough in the coffers in the short term to actually invest in this team will have more to do with revenues now than how much they might be losing to the Madoff debacle.
darknova306
3/19/2012-12:36pm at 12:36 pm (UTC -4)
Sweet lord, FINALLY! It brings me joy to have this sideshow finished. Now the inevitable second round of whining about Reyes will happen on twitter and the blogosphere, then we can return to focusing entirely on baseball. It’s about damn time.
And with each passing day, this team is looking more and more dreadful.
Stick
3/19/2012-12:42pm at 12:42 pm (UTC -4)
so why exactly then are you happy to be focusing entirely on baseball?
darknova306
3/19/2012-12:45pm at 12:45 pm (UTC -4)
Because I love baseball regardless of how bad the team is. Isn’t that why we’re all still with the team? I can be excited without being blindly optimistic.
kingman 26
3/19/2012-1:31pm at 1:31 pm (UTC -4)
“I can be excited without being blindly optimistic.”
Wow, what a great expression of EXACTLY how I feel.
Hazmet
3/19/2012-6:58pm at 6:58 pm (UTC -4)
All Mets fans show willful blindness
MetsFan4Decades
3/19/2012-2:15pm at 2:15 pm (UTC -4)
Amazing the comments I’m reading on this settlement across ESPN as well as other sites.
Some Met fans really don’t get it. I have to totally discount anyone still calling Fred ‘Freddie Coupons’. It was never a valid description to begin with but not spending last year or this year had nothing to do with being cheap.
Bit the bullet and put on Mike F. show this afternoon. Normally, I’d rather be hung by my toenails.
He’s got a law expert on and they’re allowing calls picking this guy’s brain. Interesting comments.
Mike F. just blatantly hanging up on anyone who thinks the Wilpons and Katz were ‘willfully blind’. He says it’s over and you’re never changing my mind that they knew. Not when no one else did, not when the SEC didn’t, not when his own sons did not.
Ceetar
3/19/2012-2:23pm at 2:23 pm (UTC -4)
really looking like a rather major win. Looks like they’re barely going to have to pay much, and not for years. In the meantime, they get to earn money and have a clear estimate of expenses, costs, and revenue.
kingman 26
3/19/2012-2:41pm at 2:41 pm (UTC -4)
I never called him “Coupons” but the last 2-3 years have clearly shown that the people who questioned his ability as an MLB sole owner were 100% absolutely right.
From keeping Minaya as long as he did to allowing Madoff funds to be the cash stream by which the Mets basically paid operating costs to somehow losing 70 million with a team in New York while owning your own network, etc., he’s been a terrible owner since he took over the entire team.
The good periods of 1999-2000 and 2006 were way too short, and organizational failures from bad contracts to bad trades to bad drafts continue to hamper this team.
I don’t see how today is such great news for anyone other than the Wilpons.
They aren’t GETTING any money today, they just have to pay less than they expected.
They are still heavily in debt, woefully short on talent, and a team which most players surely would not want to be a part of.
It is a “major win” in one respect and one only—for the Wilpons’ desire to keep the team.
We still have a threadbare weak squad in a very tough division, and a team heavily in debt.
Yes, I still love the team and will be watching, but I love realism a lot too.
NJstuckinTX
3/19/2012-3:06pm at 3:06 pm (UTC -4)
It is a win, though. They were never going to let this team go. They’d have dragged this thing, kicking and screaming, down to Pirates levels if needed to keep the team. This settlement allows this team to accelerate the “getting better”. It ain’t happening overnight, that’s for sure. But with the reduction of the overall salary, the cutting of extra personnel, trimming of the fat, if they can break even this year it will mean they are less than 2 years away from ridding the team of the bloated Bay contract and Santana’s is coming close to concluding. And if there is promise, and attendance starts rising, the funds start rising as well and bit by bit the possibility of adding a FA here or there will happen.
I’m not a glass is full, wearing rose colored glasses and such, but I don’t think its as doom and gloom at all.
Stick
3/19/2012-3:10pm at 3:10 pm (UTC -4)
pretty sure that it is not uncommon for a pro sports team (especailly one that just built their own new stadium) to be heavily in debt. Key is, cashflow. As long as you can meet the monthlies, it doesn’t matter that much.
and for practical purposes, no longer having to set aside the money for a potential hammering in court is like coming into a windfall.
and something I would bet on is that they made plenty on SNY. But, that is a seperate entity. Doesn’t matter how much the wilpons (or whichever sterlng entity owns SNY) made on that, it doesn’t technically count against how much the Mets lost.
so I would be quite sure that the 70mill is not net of any SNY profits.
And I said way back, I would love to see an actual org structure for that enterprise, and I doubt any actually knows for sure how much money Fred and the gang are actually making (or worth).
Ceetar
3/19/2012-3:18pm at 3:18 pm (UTC -4)
Exactly. That 70million was also stated by Alderson, but we don’t know what it means. We don’t even know if it counts the Citi money. For all we know, it’s simply an accounting of Mets ticket/concessions up against payroll.
Can’t leave out the cashflow issues of having your accounts locked up in legal battles. Remember that the _Mets_ weren’t really been sued. (I think they had one or two minor accounts with Madoff that were Mets accounts) But the Wilpons weren’t going to be able to hide money in say their account to pay Aramark to avoid having money that they could feasibly pay.
Not to mention that the Mets have less pending doom, so it opens the door for all sorts of loan restructuring and all that, especially as that 70 million is going to be way lower, if not positive, this year. Suddenly the Mets are making money and the Wilpons have a better ‘credit rating’ or whatever it’s called in financial markets like that.
Ceetar
3/19/2012-4:11pm at 4:11 pm (UTC -4)
btw, AVG ticket price 31.81, x attendance, = 75.66 million. payroll, 142 million. That’s basically 70 right? But SNY, naming rights, concessions, parking, advertising..gotta more than cover other employee expenses/energy bills/bonilla/etc right?
Stick
3/19/2012-4:15pm at 4:15 pm (UTC -4)
at something like $10/beer, they can make a bundle even if they let people in for free!
Ceetar
3/19/2012-4:24pm at 4:24 pm (UTC -4)
only $8 for the good beer, which is a only marginally unreasonable price. last year anyway, we’ll see this year. I’ll be at a ‘prerelease’ party for the food stuffs at citi Field next monday.