Report: Mets Took $50M Hit In 2010; 2011 Looks Bleak
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NEW YORK (WFAN/AP) — The financial woes keep piling on for the Mets.
According to the New York Times, the franchise lost nearly $50 million in 2010.
The Times cited two people briefed on the team’s finances. New York’s losses are projected to hit another $50 million or more this season based on several factors, including advance ticket sales.
The team struggled in 2010, and attendance dropped with almost 600,000 fewer fans.
“As a result, according to a person briefed on the finances, overall revenue slid by more than $60 million,” reported the paper, “and net losses, after interest, totaled roughly $50 million.”
The paper paints a rough picture of the Mets’ finances.
Two years ago, the Mets contributed more than $40 million to baseball’s revenue-sharing pool. The team put in nearly 40 percent less in 2010.
In 2009, the Mets opened Citi Field and the club had revenue of more than $350 million. Still, the franchise lost close to $10 million, according to The Times.
The Times report is the latest in a string of bad news for Flushing faithful.
This week, Forbes announced the Mets lost 13 percent of their worth amid legal and debt problems. Listed by the publication at $858 million last year, the franchise is now valued at $747 million.
Their struggles on-field contributed to the Mets’ huge drop in attendance, which, according to Forbes, resulted in an estimated loss of $6.2 million in operating expenses.
The Times says New York’s success at the gate won’t be much better this season.
“Sales of what are known as full-season equivalents — a mix of small and large season-ticket packages — are projected to top out at 10,000 this year, less than half the total sold just two years ago,” reported the paper.
Hounded by a multimillion dollar lawsuit filed by Irving Picard, the trustee trying to recover money for victims of the Bernard Madoff scheme, the Mets acknowledged that they received a loan in November to help cover expenses.
“We said in October that we expected to have a short-term liquidity issue,” the team said in February. “To address this, we did receive a loan from Major League Baseball in November. Beyond that, we will not discuss the matter any further.”
Representative Peter King sounded off on the trustee Friday morning.
“Fred Wilpon has been a friend for a number of years, and I’ve been a Mets fan,” Rep. King told WFAN’s Boomer & Carton. “Putting that all side … I think Picard has abused his power, and I think the media sort of fell for it.”
LISTEN: Rep. King says the Mets are getting a raw deal
The Mets announced in January they were looking to sell a non-controlling interest in the team of 20 to 25 percent to raise several hundred million dollars. Wilpon insisted then — and insists now — his family would remain in control of the team.
Will the Mets’ financial woes force a full-scale sale? Let us know what you think in the comments below…
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