Mets: ‘No Bankruptcy Services’ Being Provided By CRG Partners

NEW YORK (WFAN/AP) — The cash-strapped Mets have hired the consulting company that worked with the Texas Rangers during that team’s bankruptcy and sale in 2010.

“Mets Limited Partnership engaged CRG Partners to provide services in connection with financial reporting and budgeting processes,” the team said in a statement late Thursday, responding to a report by SBNation.

“Lots of talk about CRG,” the team later posted to its official Twitter account. “To be clear: CRG’s services aren’t bankruptcy-related. There are no bankruptcy services being provided by anyone.”

The Mets have been trying to raise $200 million through the sale of $20 million non-controlling shares following the collapse of a deal last summer with hedge fund manager David Einhorn.

They also owe $25 million to Major League Baseball, a loan whose repayment was extended from November until March; and $40 million to Bank of America. General manager Sandy Alderson said last month the team lost $70 million, although he didn’t put a timeframe on the losses.

Last March, Forbes reported the Mets had lost 13 percent of their worth amid legal and debt problems. Listed by the publication at $858 million in 2010, the franchise was valued at $747 million in 2011.

The trustee recovering money for victims of the Bernard Madoff Ponzi scheme, Irving Picard, originally sought $1 billion from the Mets’ owners, claiming they should have known millions they collected from Madoff represented phony profits. Owners Fred Wilpon and Saul Katz have denied the claims in lengthy litigation.

U.S. District Judge Jed Rakoff dismissed nine of 11 counts on Sept. 27, limiting the exposure of the Mets’ ownership to about $386 million. A trial is scheduled to start March 19.

“In times of unprecedented economic change, organizations are facing unique and daunting challenges,” CRG Partners’ website reads. “CRG Partners works with organizations to address these challenges, resolve complex problems and significantly improve operating performance.”

Mets fans: Your thoughts on the hiring of CRG Partners? Be heard in the comments below…

(TM and Copyright 2012 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 This material may not be published, broadcast, rewritten, or redistributed.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.)

  • Tony Fair

    I couldn’t agree more with all the previous comments. Sad. Sad. Sad.

  • Demetri

    Pleaes GOD make this be the beginning of the sale process for the Mets. The Wilpons with the help of their good old buddy Bud Selig swindled Nelson Doubleday out of his share of the team. The Wilpons Real Estate business is in the Sh!tter and they owe so much debt (New Stadium, SNY and other expenses) not including the pending Madoff scandal that they have dismissed 10% of their workforce, closed down a minor league team, and reduced payroll by letting Reyes walk for nothing. As much as it hurts me to say this, we as Met fans will have to boycott going to games or spending money on Mets Merchandise so that our beloved Mets are freed from these incompetent owners and sold to someone who has the financial means to run a big market baseball team the way it should be. The Wil”Ponzis” were bascially banking on financing everything through their good buddy Bernie but once that bubble burst the game was over. No smart individual will go near these guys and give them $20 Million dollars to invest in a franchise that is losing money and value. Hang in their my fellow Met fans and stand united against these idiots. These are our New York Mets and not the Brooklyn Dodgers!!

  • Spanky

    The part they just dont get is that this ownership group is in this type of business for the wrong reasons. There is no great love for the game here with these guys. Its all about the tremendous margins they make in this business. Mthe getting is so good, even in down times, that they KNOW they will never see money like this anywhere else, and now they are so far in debt they are clinging to the one thing that can make them whole again, and way faster than any other business ever could.

  • Jack Lord

    You know you’re in trouble when Bernie Madoff ran a more financially adept and fiscally responsible organization than you. They ran the Mets like their own personal toilet bowl for years. You gotta feel sorry for Mets fans, that these greedy morons were running the show.

  • Sven Manlove
  • Jp

    You reap what you sow Wilpons!!! Time to put this team in the hands of someone that will actually care about it!

  • J.

    Perhaps this is the beginning of the end!

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