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The Wilpons Are No Longer Capable of Financing A Big-Market Team

Mets GM Sandy Alderson confirmed the team’s pathetic financial situation on Sunday night. In admitting defeat on Reyes, he said the Mets had lost a staggering $70 million in 2011 alone.
New York is one of the biggest markets in baseball, and the Mets are taking $70 million losses? Something is very wrong….and has been for a long time.
Don’t get me wrong, the Mets involvement in Bernie Madoff’s ponzi-scheme did cause them to lose millions, but C’MON, they should be able to rebound! A boss can take a loss.
Jose Reyes laughed all the way to the bank this off-season: Miami. With a deal that could pay as much as $111 million including a buyout in 2018, the Marlins sealed the deal.
Jose Reyes’ defection to the Marlins is going to sting for a little. Even though he is an injury liability, his deflection is right up there with the trade that sent Tom Seaver to the Reds in 1977.
If  MLB commissioner Bud Selig is interested in across-the-board fairness, he has to take a hard look at the Mets’ finances, the same way he did with Frank McCourt in L.A.
McCourt had to be squeezed out of the ownership circle for misuse of the Dodgers’ assets. Now it’s time for Selig to ask what happened to the $25 million loan that MLB floated the Mets in 2010, which has yet to be repaid. The money was supposed to keep the Mets relevant until they regained financial stability.
The Wilpons didn’t show much interest in retaining their star player. Mets fans are so frustrated with everything that has taken place in the past 10 years. Including the giant collapse of the team under Willie Randolph.
They’ve already lost 40 percent of the four million loyalists they drew in 2008. And with the likelihood of a last-place finish next summer, it’s possible the Mets will fail to attract two million fans for the first time since 1997.
The Wilpons owe $430 million in principal of a loan against the team, due in 2014. They owe $450 million in principal of a loan against SNY, due in 2015. They owe an estimated $600 million, due in $25 million increments every six months, on the ballpark.
It’s obvious the Mets are falling apart by the stitches. It’s time Selig steps in and does something, for the sake of baseball and all of the Mets’ fans. A New York market team should have money to blow. I’m not saying become like the Yankees and try to buy a championship, but at least get some talent that will win you ballgames consistently. Use the farm system.
It’s time for a new owner.
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