Report: Mets Took $50M Hit In 2010; 2011 Looks Bleak

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…

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)


One Comment

  1. Richie says:

    i dont think thiy are that strapped. i think they are puuting up this poverty front for picard 7 the madoff thing.

  2. Daniel P says:

    I live in Queens, and have been living here the past 55 years. I’ve never seen a baseball game, have no interest in doing so, and so never will. Who cares about the Mets ?

  3. Scores Man says:

    Ha Ha Ha Ha. No wonder they want to sell 25% of the Mets and none of the Network that actually makes money.

    I heard Webster’s is calling back the latest run of their dictionary, so they can put a picture of Fred in the definition of INEPT.


  4. The Truth says:

    The nightmare saga continues for Mets fans. Mets fans were crying about Wilpon not spending for top free agents the last two years, now they know why, and this with the Mets already having a payroll of $150 mil, the highest in the NL and 4th in all of baseball.

    Mets fans just refuse to want to understand the problem this team is in & it’s not just the Madoff mess, it also includes the players they have & the farm system. They think getting rid of Perez & Castillo now makes them contenders. If this team does not have the money to spend on correcting both these problems then Mets fans are in for long years of seeing the Mets unable to compete, and all these years they blamed Omar.

    1. Bluto says:

      Last year the Mets payroll was third in the NL and fifth in MLB. Has this year’s Mets team payroll surpassed Philadelphia and the Cubs? I find it hard to believe the Mets’ payroll is higher than Philadelphia’s. I know the Phillies lost Worth but they picked up Lee.

      1. The Truth says:

        OK, but the Mets payroll is not there with the Padres, Marlins, Rays, A’s or Pittsburgh, you need to remember the Mets have Santana at $22.5 mil, Beltran at $18.5 mil, K-Rod $12.5 mil. Wright 14 mil, Reyes is $11 mil, that’s not chump change, those 5 players’ total salaries for this year alone is $78 mil, that’s more than 15 teams in the majors total payroll for the year.

        Looking to correct someone or bringing up the Phillies & Lee into the conversation does not change the FACT that the Mets payroll is one of the highest in baseball & has been for over 10 yrs. So I don’t see the point in your post.

        Maybe you did because it would make you feel better, but it does not change the facts. If anything, it makes you look foolish. 1st, 2nd, 3rd, its irrelevant because $150 mil payroll a year is a ton of money.

  5. dennis says:

    If the Wilpons are Truly Met Fans they will do whats best for the fans and sell the team

    1. Marty Kaplan says:

      AMEN !!!!

      1. Shout It Out says:

        Listen to Rep. Peter King’s interview here:

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