31
2012
MMO Fan Shot: Is The Tide Shifting For Fred Wilpon?
An article by 
If you had asked me twelve months ago if the Wilpons should sell the Mets, I’d have been pretty emphatic in my support. In the six months that followed, new reports surfaced describing the debt the Mets were in and it seemed that number grew by $100 million from each report to the next. The most recent tally has it in the ballpark of $450 million. In the six months since then, I found my support for the “sell-sell-sell-sell” portion of the fan base waning (was there ever any other portion?)
First it was a $40 million loan, then it was an extension on paying back last year’s $25 million loan. Then Bud Selig, the Wilpon’s biggest supporter, was extended two years in his position as Commissioner, and now it seems that over the last couple of months the stars have been aligning for the Wilpons in their effort to maintain control of the team. Irving Picard’s lawsuit, which itself is about as criminal as Bernie Madoff’s scheme, has not progressed the way the trustee of Madoff’s victims had hoped. We’ve seen charge after charge dismissed. The total amount being sued for is decreasing, and now the latest blow, a motion from the Wilpon’s side to dismiss. The motion will likely be denied, but I think it speaks volumes about where the case stands now; that the evidence against the Wilpons is apparently flimsy enough, or even non-existent, for that option to even be entertained.
There is plenty that says the Wilpons might not be forced to sell and can ride out the lawsuit, thus maintaining ownership. This is why I feel the Wilpons should hold on at this juncture.
We’re almost in February, and as of this writing, the biggest impact name on the market is Edwin Jackson. Nothing against E-Jax, but the well’s fairly dry. The Mets 2012 roster is pretty much set, except for another few minor league deals for depth or maybe the low-base guaranteed deal for one of several fifth outfielders linked to the Mets. Even if the best case scenario for Wilpon-detractors comes true and a new owner is put in place tomorrow, there’s nothing he can do to significantly improve the 2012 team. Even if he was able to take on salary at the deadline, the Mets probably wouldn’t be in a position to buy, anyway.
But we all know a change of ownership stretches out a long time. It was in April when MLB merely took over the day-to-day operations of the Dodgers, wasn’t till November when Frank McCourt agreed to sell, and now three months later, they’re only in the second round of bidding with ten potential ownership groups still in the running. The Dodgers won’t be sold till at least the summer; roughly 15 months after MLB took the first step. Think that’s a long time? Imagine the process with the team in the New York market.
I’m of the opinion that considering how long the process is to sell the team and how the lawsuit is progressing; it is in the best interest of the Mets and their fans for the Wilpons to remain owners. I think the Wilpons will ride out the storm quicker than it would take a new owner to step in. Let’s not dismiss the track record of the Wilpons, either. They have spent the most money in the National League the past few seasons. That and that alone is the sign of a good owner. They will do what’s necessary to win. Also take into consideration their charitable efforts, their community outreach and the respect they’ve earned throughout baseball.
How can we even be certain the new owner will do what’s necessary to win? We know the Wilpons would spend $150 million on payroll. How do we know that’s in a potential new owner’s budget?
Another thing I’d like to touch on is a shift in the landscape of ownerships. It’s no longer a family business, now its consortiums. Call me old fashioned, but I like it when my team is owned by one person or family with one agenda. Skim this article on espn.com about the sale of the Dodgers and look who’s still in the running. All “groups headed by.” I don’t think something like that ever works in the best interest in the team, it works in the best interest of the investors and team success is usually a happy accident; a by-product of business decisions. It didn’t work for Nelson Doubleday, did it? I prefer the operation of the team be the family business, not a business venture.
Look, if Picard has an ace up his sleeve or one last smoking gun that could actually convict the Wilpons, then this article has been a waste of 45 minutes for me; I’d be back where I was twelve months ago. But in light of the fact that there seems to be no evidence of any wrongdoing on the part of the Wilpons, at this stage of the lawsuit and what the sale of the Dodgers is proving, I think the best option for the Mets and their fans right now is sticking with the Wilpons.
What do you think?
This Fan Shot was submitted by Rob. Have something you want to say about the Mets? Share your opinions with over eleven-thousand Mets fans who read this site daily. Send your Fan Shot to GetMetsmerized@aol.com.
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NL East Standings
| Team | W | L | Pct. | GB |
|---|---|---|---|---|
| Nationals | 26 | 17 | .605 | - |
| Braves | 26 | 18 | .591 | 0.5 |
| Marlins | 24 | 19 | .558 | 2.0 |
| Mets | 23 | 20 | .535 | 3.0 |
| Phillies | 21 | 23 | .477 | 5.5 |
Last updated: 05/23/2012
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Didn’t the years of $140M payrolls coincide with the Madoff years? As soon as that bubble burst, things changed. All those ex-players who are being paid in deferred money (Bonilla, Beltran, plenty more I’m sure) plus the massive loan against SNY and the potential that the Wilpons could owe $383M to Picard… maybe they’re in better shape than they’re letting on… If that were the case, though, why would they be slashing payroll by $50M+ and scouring the bargain bin for leftover scraps?
The Wilpons could very well maintain ownership through this whole thing…. but I think we’ll see several years of slashed payrolls with a garbage team on the field while they get their finances straight. I’d rather wait 15+ months for a new ownership group who doesn’t have this black cloud hovering over them…. an ownership group who realizes that letting Reyes go isn’t smart. An ownership group who won’t trade David Wright simply to save $15M. With the Wilpons at the helm, I think the Mets have several long, painful years ahead. A team in a New York market shouldn’t ever have to cut ties with a superstar shortstop over monetary concerns — balky hamstrings be damned.
I’m all for new owners.
Not really Dan, They had been doing business with Madoff long before Omar took over and started spending.
Probably more around the time Wilpon took over and bought out Doubleday would be a better guess.
Yeah — what I meant was that the Wilpons were more apt to spend $140M on payroll when they thought they were getting 18% interest on their investments.
Now that the magical fountain of cash has dried up, they’re slashing payroll. Not so much because they’re cheap… but because they don’t have nearly the bankroll that they thought they were working with.
When the Wilpons structured all those deals and arranged payments for Citi Field, I think they thought they were much better off than they are.
You’re right, though… the payrolls were up there in the early 2000s, too — paying for such top-tier talent as Mo Vaughn, Jeromy Burnitz and Jeff D’Amico
To think i am looking forward hearing and maybe if possible watch the triple A team more than the major league team. and as dan above said, the wilpons while putting crap on the field might survive this. and it will be amazing to think these owner would stay with the team after everything that’s been going on, other owner with less financial issues than them have been forced to sell quicker than expected, yet, the wilpon because of the friendship with selig get a pass like no other owners i’ve seen. i mean, look at the dodgers situation, selig basically said FU to mccourty, forced him to get out but the wilpons stay still. and us fan of this team have to endure the embarrasment of having a poor team on the field while all MLB laugh at us, who would really dare to wear any mets gear in public without hearing some snarky remarks about the situation of the team? it’s utterly pathetic to have to watch this situation and the front office that has been put in place to “weather the storm”…
oh, and btw there’s reports that the $200 million they’ll get for selling shares of the team is for immediate debts they got.. not including the possible $300+ million from the lawsuit piccard has against them.. this situation WILL not get pretty for a while.. sit tight, it’s gonna take new owners and new F/O people to fix this mess..
I agree the tide seems to be turning. Couple that with Selig’s unfailing support and it appears the Wilpons might just hang on.
Will that be good or bad? Hard to predict, at least IMO.
- we all know the Wilpons aren’t going to spend any money on this team until they’re out of debt, at least breaking even. If that later rather than sooner, could be several years of what we appear to be looking at in 2012.
- double edge sword in that many Met fans appear set to boycott until the Wilpons sell. Boycott means low revenues. Low revenues means less money spent on the team. If it’s not low enough to finally edge them to sell…….see the point above.
- If they do decide to sell, or are forced to, this post makes several good points. We have no idea how long it will take. We have no idea if a new owner will spend money out of his pocket or will infuse some of his money up front.
Why on earth would the author want to see the Wilpons hold onto the Mets? Makes no sense …. they have run this franchise into the ground.
Lost all credibility at this point in the article:
“They have spent the most money in the National League the past few seasons. That and that alone is the sign of a good owner. They will do what’s necessary to win.”
They are in way over their head and are putting a horrible product on the field. I cannot wait until they are gone ….
I mean, I think whoever owns the team next would want to bring a quality product back to the NL in New York. If we ended up with some penny-pinching small-market-esque owner who’s out to make a profit for himself while putting the team 2nd, we’d be no better off.
I’m willing to take the gamble. The Wilpons aren’t in good shape. I hope that enough fans boycott Citi and it drives them out…. I’ll be a fan regardless. I’ll always be a fan. I’m just not going to pay $30 to park in the Citi lot + tickets + concessions + beer so that I can watch a little league team composed of low-priced scraps and low-risk/high-reward players (Chris Young CAN be great….if his shoulder doesn’t fall off after 4 starts!)
Give me something worth rooting for and I’ll be out there several times each season rooting them on. Until that time, SNY + my couch will work just fine.
I thought that I read recently that Picard is looking to settle the case for the $80mil in profits that Wilpon legally has to pay. It’s looking more and more that Picard won’t be the end of Wilpons ownership…but the lose of money Wilpon thought he had invested with Madoff will be.
When you break down the money owed on loans against team assets that are due in the next couple of years and the drop in attendance is what will sink Wilpon.
I’m not a big Adam Rubin fan, but he did a good two part story on Wilpon and the Money problems he’s facing.
http://espn.go.com/new-york/mlb/story/_/id/7495352/new-york-mets-financial-calamity-threatens-engulf-mets
http://espn.go.com/new-york/mlb/story/_/id/7495353/new-york-mets-wilpons-clear-many-hurdles-retain-control
Rob (author): Nice job here.
I’ve been saying it here for a few weeks now, so I agree with the premise of this piece.
It looks painfully clear that MLB and the Wilpon’s will do everything and anything to keep the Mets in that family. In order for the Mets to be ripped away from the Wilpon’s it seems things have to get WORSE than they are now… and frankly, as a fan, I’m not interested in that.
If as a fan I am told the Wilpon’s have a plan in place and the debt is going to be eliminated, and they will continue owning the team… then I have no choice but to hope for the best for them. What else can I do Rob? Complain every day as they continue to own the Mets? It’s not going to change ownership…
If you are being honest, the Wilpon’s greatest falt as owners was their involvement in baseball decisions, NOT their lack of spending. There are plenty of mlb fans out there who would love their owners to spend as much as the Wilpon’s did when Minaya was here.
So for me, if I can’t get rid of the wilpon’s then I will root for them, hope they turn it around so that the work being done now is not wasted and they can invest more $ into the team (not just through free agency) but with that hopefully they learn their place in all of this is writing checks, not deciding who gets them.
Met's have $600 mliolin worth of debt at the team level and $700 billion of debt on the stadium. And they are losing $70 mliolin per year. And the team stinks, has crappy contracts and a crappy minor league system. It's unclear the team is worth $1.3 billion.
While I can’t say we are better off WITH Wilpon I will just say that if he keeps the team then NY will keep the team.
If he sells the team then anything is possible including moving the franchise someplace where they do not have to compete with the yankees!
Especially if our attendance doesn’t pick up to above small market team levels!
And thats not going to happen if we trade away every guy who hits above .270 for kids in the minor leagues!
not a chance in the world MLB lets the team move. Even without facotring in citi field,etc.
and attendance was still what, 2.4mill? not exactly small market level.
Minnesota 3.2 Mil
Milwalkee 3 Mil
St louis 3 Mil
Texas 2.9 Mil
Colorado 2.9 Mil
All are small market teams!
None have another team in the area to split attendance with!
And Las vegas REALLY wants to bring a baseball team there!
They even have the Stadium site all picked out right accross from the M Hotel!
And the LVCA has promised to finance any stadium build once a pro sports team signs on to go there!
MLB will not have the grounds to stop a new owner from moving the team if they buy it!
especially not if the purchase is soon and while the team has issues paying bills!
Unless the Wilpons sell the stadium WITH the team there is no reason to keep them there and have to pay rent on top of the team purchase!
I agree with you any. There isn’t a chance in the entire world MLB would let a new owner move the Mets out of NY. It makes absolutely no sense on so many different levels. Not unless they can physically pick up Citi Field and move it, and then figure out how to gain NY revenues elsewhere.
When an NY team is good, cities in markets without a team right now wouldn’t be able to sniff the MLB profit margin. There’s more $ for any owner to make with a good team in NY than there is in any other city in the country.
The above mentioned Las Vegas… Vegas is 40th among TV Markets. If you took 10% of the NY media market, that is what Las Vegas gives you. West Palm Beach is a bigger media market than Las Vegas…
And just as an FYI, The Texas Rangers play in the 5th largest media market in the entire country, calling them small market is not exactly factual.
Yeah they said the same thing about Brooklyn back in the day…
Where do those bums play again?
And pray tell Puffy…
What the hell does Media Market have to do with the Attendance figures?
Pulling for straws again but fall short because your Pom Poms got in the way I see!
No chance the Mets will ever leave Flushing. This isn’t the 1950′s. As a matter of fact I’m pretty sure the Mets outdrew the Yankees for almost a decade in the 80′s. Attendance is tied to winning. When Alderson gets the team back to its winning ways all will be well and nobody will even care about the Wilpons anymore.
45 minutes to write a plagiarized article without any attribution? Didn’t I just read half of this a couple days ago right here on MMO. Anyway, your calculation of the Wilpon debt falls about 50% short. The Wilpons made a motion to dismiss and that’s a blow against Picard? Give me a break, the judge has to rule on it. The clawback still needs to be settled and that alone will be big red bucks for the Wilpons. This article is too quick to signal the all-clear. There is much further to go before everything turns up clover.
No, this is a lousy article, and far from a good one.
"Rather than atptmet to sell a stake of the franchise as Wilpon is doing, the highly leveraged Wilpon* is trying to take on even more debt, putting the stability of the Dodgers on the line is a way Wilpon has not done with the Mets." * McCourt