Is Mets Financial Situation Better Than What’s Been Reported?

An article by posted on December 5, 2012

Does the $138 million dollar Wright contract change your opinion on the Mets financial situation? Is it a sign that things are better than what is being reported?

Ed Leyro – Things might be better, but until I see the Mets sign a big-time free agent instead of giving their money to players who were already here, I will have a modicum of doubt.

XtreemIcon - No, that remains unchanged. I think after the Mets got off light on the Madoff scandal, we’d see some improvement, but not much, and that’s what this is. Wright is still making per year roughly what he was, so the Mets are still unable to add significant payroll, but things aren’t so bad where they have to continue to purge the roster. I think they can add $5-$7 mil for Dickey, and maybe another $5-$7 for another outfielder, and that’s about it.

Nick -  I do believe the Mets are starting to acquire more stability after the settlement and it shows by making a deal like this. While the Mets will not go all out any time soon and anyway the free agents are not worth it, I believe they will spend some money this offseason and more in 2014.

Satish -  I have no idea what the hell it is a sign of. The consensus seemed to be that Wright needed to be back or they would lose the fan base. I just didn’t realize they would go to this extent to keep him. What I do know is that no rebuilding team will ever sign a player to a contract like this. So either I’m an idiot, which is plausible, or we’re being run by idiots.

Michael Rappaport - Not 100%. Like I mentioned, this was a deal they had to get done, and they were willing to make it happen financially. I won’t be convinced until I see them spend money on other guys around him.

Mike Barrett - Not at all. Until a big name free agent (who deserves the money) signs with this team my opinion will not change.

Adam - It doesn’t really change my opinion on their financial situation, because I always believed they were going to re-sign Wright to this kind of contract. I think some Mets fans get too caught up in the past and take too much of what reporters, bloggers, etc. say on Twitter or write in articles as fact rather than opinion. I also think Mets fans take the Madoff situation and associate it too tightly with Sandy Alderson’s style of doing business. The Madoff situation happened, consequences were felt, things were settled, and we move on. Alderson said from day one he was not a big fan of long-term contracts like the Santana deal, but that doesn’t mean he’s against spending money totally. I think he, like many other people in baseball, saw what happened to the team with the Bay contract and the Santana contract and realized the approach needed to change. Ben Franklin described insanity as “doing the same thing over and over again and expecting a different result.” Well, Sandy Alderson is clearly not insane. He’s been very patient for the most part in waiting for getting rid of sunken costs (K-Rod, Bay) and let those he cannot do much about (Santana) run their course. But when an opportunity comes along to spend the money wisely  rather than just spend it because Mets fans are bored in the offseason and want something to talk about, he does so — as evidenced by the David Wright extension.

Jessep – I think you have to look at this as a financial commitment that wouldn’t have happened a year or two ago. I’m not one who thinks the Wilpons were ever broke, if they were broke they’d be gone. I am one who thinks they were dealing with a $1billion lawsuit and that changes how you throw money around. Investing in a baseball player is not a very smart move under any conditions. So when you’re being sued, investing $100m in a baseball player isn’t the smartest thing to do. It doesn’t change my views on their financial situation as much as their commitment to try and win in the next 5 years.

Robert Patterson - I don’t think we’ll know where the Wilpons’ wallet stands until next winter. Will they reinvest the $50 million set to come off the books, or do we find ourselves with a $75 million payroll in 2014?

Clare - I am more optimistic about the Mets finances which is why I think they do indeed have the money to sign Dickey and should as soon as possible. We have not heard much about the Mets and their money recently which leads me to believe that they have sorted all of that out. Let’s go out now and sign Dickey and make a run next week at some others that can help  this team going forward.

Gregg Hopps - I Never believed the Mets were poor and out of cash. I think the Mets have plenty of money, and they just had an unwillingness to spend it. But, the bottom line is, the Mets needed to spend money on Wright, or face living through the late 1970′s all over again. The Wilpons and their crew know this, and planned for it.

Jim – Things have to be better financially based on this deal. But actually, we will truly find out about the Mets finances when they release 2013 ticket prices. If you have to pay 100 bucks for an upper deck ticket and 20 bucks for a hot dog, we’ll know something is still awry.

Joe D. – For years I’ve been trying to tell anyone who would listen that the Wilpons are not broke. The Mets are just one of over a dozen different businesses in their vast empire. The Madoff situation was a big body blow as was the Picard lawsuit, but as I always asserted the owners did exactly what any other corporation or Fortune 500 company would do – cut costs and expenses, and ride the storm out. Now that all of that turmoil is behind them, expect a return to normalcy with regard to spending and overall team operations. You still have some doubters running around with their heads on fire screaming bankruptcy, insurmountable debt, and doomsday. Don’t believe that nonsense.

Sterling Project Development Group

Wilpon Sports Complex – University of Michigan

Sterling American Property, Inc.

MCU Park, Coney Island, Brooklyn, NY

Sterling Property Management  Inc.

SNY Studios, Rockefeller Plaza, NYC

Brooklyn Cyclones, New York Penn League

Sterling Equities has over $4 billion dollars in value. SNY is valued at over $2 billion. The Mets who are worth at least $2 billion, just announced that they are bringing back the GCL Mets affiliate, and additionally they have just taken over the Kingsport Mets affiliate.

If this $140 million dollar Wright deal hasn’t convinced you that the Mets have overcome any financial uncertainty, then nothing will.

Update: Right on cue!

This afternoon in Nashville, Mets COO Jeff Wilpon said the payroll will be going up next year, as they will have increased flexibility after some of the “bad contracts” come off the books.

Going up means re-investing Santana dollars plus more dollars.

About the Author ()

I'm a lifelong Mets fan who loves writing and talking about the Amazins' 24/7. From the Miracle in 1969 to the magic of 1986, and even the near misses in '73 and '00, I've experienced it all - the highs and the lows. I started Mets Merized Online in 2005 to feed my addiction and interact with other passionate Met fans like you. Follow me on Twitter @metsmerized.

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