Source Says Mets Cut Losses To $23MM And Are On Firmer Financial Footing
According to a report by Josh Kosman of the NY Post, the Mets are expected to cut their 2012 season loss by two-thirds from last year, to roughly $23 million. That figure is in line with expectations, but not enough to support anything but a modest uptick in payroll in 2013.
But even with the losses at that level, cash-strapped owners Fred Wilpon and Saul Katz appear to have just over $21 million in free cash — from their profitable SportsNet New York cable operation — to sink into the club, the source said.
To be sure, the days of the Mets’ financial emergency are over. The team has repaid some of its loans and is on firmer financial footing, the source said.
In large part, that’s due to the profitable SNY operation, which had profits of nearly $100 million in 2011.
Wilpon and his partners own 65 percent of SNY — meaning their share is about $65 million.
The source told the Post that even with the losses at that level the Mets could have “roughly $21 million in free cash to spend” on the team this off season. That should cover raises for many of the players that are due them, but with regard to keeping third baseman David Wright, plus adding some stars, that “the money might not be there”.
“There will be room to make gradual increases in payroll, but nothing dramatic,” the source said.
About the Author: Rob Johnson
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