The unsealing of the suit Friday follows the disclosure that the Mets planned to sell up to a 25% stake as it tried to raise money for a possible settlement with Mr. Picard. People with knowledge of the team’s finances say the owners need to sell a minority stake to cover the team’s operating expenses, not just a potential settlement.
(…)
Though the Mets are one of baseball’s most valuable franchises, its 2010 season, which witnessed a 19% drop in attendance and a losing 79-83 record, was unprofitable, according to people familiar with the team’s finances. If the team continues to struggle, the sports assets that Messrs. Katz and Wilpon control—the team, Citifield, and the regional sports cable network SportsNet New York—won’t produce enough money this year to cover team costs, these people say.
(…)
Though the Mets are one of baseball’s most valuable franchises, its 2010 season, which witnessed a 19% drop in attendance and a losing 79-83 record, was unprofitable, according to people familiar with the team’s finances. If the team continues to struggle, the sports assets that Messrs. Katz and Wilpon control—the team, Citifield, and the regional sports cable network SportsNet New York—won’t produce enough money this year to cover team costs, these people say.
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| — | Mets Need to Cover Expenses - WSJ (via sportsnetny) |
