Wilpons Create New Choke Hold Around Team

By / January 3, 2013 / Media

In a report by the New York Post, Fred Wilpon, along with Saul Katz, made a move to keep the team for longer Wilponthan many thought they would.

The same way you refinance your home mortgage to get some breathing room is what the Wilpon and Katz did with their eye-popping $450 million loans borrowed from their cable network, SportsNet New York. They were due to make payments within two years time.

Josh Kosman of the Post stated:

…some of the proceeds are expected to go toward funding the cash-strapped team’s day-to-day operations.

In other words, do not expect the New York Mets to be sold any time soon. The details of the refinancing have not been revealed, but you can bet it was for quite a number of years. The amount owed is very large and if you have a home, you know just how long it takes to pay that off. The Wilpons want to act like they are the paupers. So expect them to drag it out for as long as possible.

It is just one more reason for commissioner Bud Selig to open his eyes and let the owners know that the time to sell, was two years ago. Sell now or seize the team.

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Edgy DC

I know any news about the Wilpons has long been turned into another chapter in the narrative that demands they sell, but I don’t see how taking money from an otherwise lucrative asset to invest in the team despite a lack of current profits is going Bud Selig is going to to strip the Wilpons of ownership. That’s exactly what he wants (and I think it’s what we should want).

Folks cite the Dodgers precedent, but the huge difference is the McCourts used the Dodgers as an ATM to take profits out of, while the Wilpons used their outside investments (however foolishly) to continue to pour money into the team (however foolishly), DESPITE the lack of profits.

That model was unsustainable before the Madoff Fund exploded, but certainly is now. So they’re trying to balance the budget. That’s the breaks. Can’t see how going forward with the leadership team we have now isn’t a bad move.


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