The Mets just released a Press Release stating that they are exploring the idea of taking on a “strategic partner.”
Of course people are going nuts over this either elated thinking the Wilpons will soon be gone, or crushed thinking the sky is falling and the Mets will start cutting payroll.
My initial reaction to this is that this can’t be good. An ownership group that has many times stated that the Mets are the status icon for the Wilpons family can not be happy about selling any piece of it.
It tells me two things for certain:
- The Wilpons are hurting. They took a bigger hit through the Maddoff fiasco and are now bracing for more in the suite by the trustee of the Maddoff victims.
- The Mets aren’t making enough money. No surprise when you consider the new stadium and all it’s financing plus the horrible stink around the Mets on the field and in the empty seats.
This could end up being good for the Mets franchise. It could bring in some deep pockets, but not only that, it will give the Wilpons someone to answer to. No longer could it be run as a family toy.
The worst case is that this drags out for a long time, ad because of their insistence on only a “limited partner” they don’t find good offers. Couple that with a big hit in the Maddoff case by the trustee, they could be forced to cut payroll rather then reinvest as we are all hoping once these bad contracts clear.
Best case is some super-billionaire comes along and gives them an offer they can refuse and the Wilpons ride off to the bank laughing and we are left with tons of resources and a man willing to play ball with the big boys. Happens all the time in European soccer. But I dot have much hope that this happens.
Bottom line is we have to watch this play out. The statements from the Wilpons are not credible at this point as they have denied this would ever happen since the Maddoff scandal surfaced. It’ll be interesting to see what kind of sharks circle witha New York franchise on the market.
(this is a quick reaction to the news, pardon the typos and bad grammar as I am typing this on my iPhone. I will be sure to follow this story as it evolves)
