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Archive for December 14th, 2011

Recent times have not been kind to Fred Wilpon.

The last five seasons haven’t been very kind to the Mets. Whether on the field or in the board room, the team has been besieged by a myriad of unfortunate circumstances ever since Carlos Beltran was mesmerized by a Adam Wainwright curve ball to end the 2006 NLCS. Not surprisingly, the Mets’ hardship has led to much ridicule, particularly from the less compassionate segment of the Yankees’ fan base. Despite the dark days still ahead, however, there is every reason to think the Mets could still have the last laugh.

In the three years since Bernie Madoff’s massive securities fraud was uncovered, Fred Wilpon has been desperately trying to maintain his hold on the New York Mets. Despite insisting at the time that the scandal would have no impact on his ownership of the team, subsequent events have proven otherwise. Since that time, which, unfortunately for the Wilpons, coincided with poor play on the field and a corresponding decline in revenue, the current ownership group has relied on debt to remain afloat. According to a recent report in the Daily News, those loans are about to come due.

The team is not for sale, not a piece of it, not a part of it. We are not for sale. We have no reason to sell. We have other money. Just because you guys don’t know how much money we have, we have other money outside of this, from diversity.” – Fred Wilpon, quoted by the New York Times, December 17, 2008

Despite Fred Wilpon’s fervent desire to remain as majority owner of the Mets, the prospect of looming debt payments and even further deflated revenue in 2012 could soon force his hand (while creditors, and perhaps even the commissioner, slowly pry loose his fingers). As Frank McCourt has learned with the Dodgers, the weight of debt can become too much of a burden, especially when the alternative is selling out and making a handsome profit.

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