The revenue shortages MLB teams are facing this year will likely have negative consequences for many clubs, and one team could be hurt more than others: the New York Mets
The Mets’ owners, Fred and Jeff Wilpon, suffered negative financial consequences from investing in Bernie Madoff’s infamous Ponzi scheme several years ago and needed loans early in the 2010 decade to help cover expenses. According to a 2011 New York Times story, the Wilpons used money they invested with Madoff to cover expenses such as payroll, their minor league team, and to finance their cable network, SNY. They would even defer money in player contracts because of their confidence in being able to make money investing it with Madoff.
The Mets have been viewed as a cheap organization almost ever since then. Last year was the first time since 2011 that they were in the top third of the league in opening day payroll. Recently, they have been searching for a buyer of the franchise. If they do not find one who can inject cash into the franchise, things could get bad.
New York Metro’s Joe Pantorno quoted a source for an article published on Monday who says that the Wilpons will stop pumping money into the team due to financial losses this year. The team’s payroll this year was set to be around $174 million according to Baseball-Reference.com. Pantorno’s source would expect that number to drop significantly next year, with the team making cuts to their roster for financial reasons rather than performance.
The Mets were working on selling the team to billionaire Steve Cohen, but that deal fell through earlier this year. Alex Rodriguez and his fiancee Jennifer Lopez have shown interest in trying to buy the team. Philadelphia 76ers owner Josh Harris also has shown interest in the team.
