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Fans Speculate a Possible Bankruptcy for New York Mets
It's a new year and "bankruptcy" has been a hot topic in the game of
baseball during 2011 and now 2012... According to an article published
by Amazin' Avenue,
sources say the Mets have hired CRG Partners — the same turnaround
consultants that handled the Rangers' bankruptcy sale — and that a team
sale with or without bankruptcy is on the table.
The Mets have confirmed the hiring, stating that they have "engaged CRG
Partners to provide services in connection with financial reporting and
budgeting processes."
The article further states that "Hiring turnaround consultants doesn't
necessarily mean that the team is specifically preparing for bankruptcy
and a sale — consultants like these are brought in to figure out how a
struggling business can become profitable — but it further underscores
the Mets' moribund financial situation. Also, a turnaround company
typically gets only a modest fee if it comes in and merely makes
recommendations; it has a considerable economic incentive to push for a
huge sale when a sizable commission is in the offing".
Several sports-sites infer that Mets fans would actually be EXCITED
about the prospect of bankruptcy, considering how well the Rangers'
situation turned out following their filing of bankruptcy.
The Amazin' Avenue article
also examines what may be at jeopardy if the team indeed does file
bankruptcy, "Every bankruptcy sale has three parties: the ownership
group that is in debt, the creditors, and the buyers. If this process is
indeed in the Mets' future, it could be a long and difficult one with
no shortage of delays and acrimony to come. William Snyder, the CRG
consultant who led the Rangers' bankruptcy sale, made many enemies along
the way — including new Rangers owner Chuck Greenberg, who said that
he'd "met some duplicitous people in my life, but [Snyder] set a new
standard." But part of the reason that the sale worked was because the
bidding process upped the price and brought in more money for the team's
creditors".
Whether you are excited about the possibility of new ownership and a
fresh start for the Mets or upset about all the teams who seem to be "in
over their head"... one fact remains, there is light at the end of the
tunnel for the Mets. This team in a large market with a new stadium and
regional sports network will have plenty of wealthy bidders lining up to
the "base" hoping for their chance to "hit a home run" and take over
ownership of this team.
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