How Much Longer Can The Wilpons Hold Onto The Mets?

Before the country was shut down due to COVID19, the Wilpons were already struggling financially. With all that has happened, you might forgotten Mike Ozanian of Forbes reported the Wilpons, by and through their real estate arm, Sterling Equities, had not come up with their share of the $800 million financing for the building of the Islanders new arena at Belmont.

Not too long after this news had disseminated, we heard that the Wilpons had agreed to sell their majority stake in the New York Mets to Steve Cohen. As we know, Cohen walked away from the deal after the Wilpons insisted on control of the team using Cohen’s money to finance their decisions and for escalating salaries. Unlike other times the Wilpons almost sold the team, the Wilpons renewed their efforts to sell their stake in the team.

After that, the country would be shut down by COVID19 thereby affecting the economy. Nearly every industry has been negatively impacted. On the sale front, it only seems as if Alex Rodriguez wants to buy the team, but he is still struggling to amass a group of partners to build the capital necessary to purchase the team.

As the COVID19 shutdown has continued, we have seen the Mets and the Wilpons make cuts. While teams like the Kansas City Royals did not release minor leaguers, the Mets released 39. While nearly every team released players, the Mets 39 is near the top of the list.

Unlike most teams, we have seen the Mets make fans jump through hoops to get refunds. They were one of only two MLB teams to not immediately refund games for the Month of May. Finally, in June, they opted to give an option for a May refund. As noted by Ken Davidoff of the New York Post, you needed to do some digging to even find the refund option.

SNY, which has been a cash cow for the Mets for years, has also been impacted. Andrew Marchand of the New York Post reported the network cancelled two shows while also laying off some staff. That came after there had been some other layoffs at the network. When SNY is this impacted, you know things are bad for the Wilpons.

Now, Josh Kosman and Thornton McEnery of the New York Post report Standard & Poor’s has now downgraded Citi Field bonds to junk status “saying it may need to tap its debt reserve to make a $22 million payment due in December — and warning that it could run out of money next year if there’s a baseball strike.”

Keep in mind, this is just June. There is still a half a year remaining, and we are seeing the Wilpon owned Mets and SNY losing money and having to make significant and deep cuts. This is all the more notable when the Wilpons struggled to secure financing on the Islanders arena project, and as Kevin Draper of the New York Times reported, the Mets were a team up against MLB’s debt limits and were losing $50 million a year.

At this point, the question needs to be asked – how much longer can the Wilpons hold onto the Mets? At what point does everything come toppling down? When does MLB step in like they did with the McCourts, or when do the Mets have to go through bankruptcy like the Rangers?

No matter what the answers to those or other questions, one thing is painstakingly clear – the Wilpons are forever going to ruin the day they let their own hubris stand in the way of collecting $2.1 billion from Steve Cohen. That goes double when you consider no one is rushing to their door now with any money.

3 thoughts on “How Much Longer Can The Wilpons Hold Onto The Mets?”

  1. Rich Hausig says:

    You know you’re screwed as a fan when you find vindication in the financial collapse of your team’s ownership. The Wilpons aren’t just bad owners, they are bad people just like their guy Madoff. I’d drop a benji in the cup just to see Jeff, Fred and Sol begging in the street.

    Sadly, it’s not funny because it’s our team. Are the 3 stooges to proud to call Steve Cohen? Every passing day just digs the hole deeper and, as noted by MD, even the MLB bank has its limits when it comes to an organization’s ability to continue as a going concern.

    I think JROD are working with Cohen. They don’t have the cash and no one is getting a billion dollar discount, MLB can’t allow that, much less in NY. They took over the Expos and I guess could do it again, it sure seems that’s the road we are on.

    Why are there no bidders? It’s not the virus, in the bad times the wealthy dont sell, they buy. The problem is no one wants to deal with these grifter Wilpons. How can you not make money running a baseball team in NY? Really, these people are a disgrace to NY, to baseball and to their own family. They need to go to Cohen, hat in hand and do what’s right for them, for the team, the league and the fans. If not MLB has to step in. If they do you’ll have a new owner in a month.

    1. metsdaddy says:

      I think the potential bidders are awaiting a Wilpon collapse to get the price down as much as possible

  2. Tom says:

    It’s “rue the day”

    On second thought, you are right, it is “ruin the day” since it involves the Wilpons

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