Report: Mets debt actually $625M

April, 27, 2011
4/27/11
7:55
PM ET
The Mets' debt is actually close to $625 million, according to a report in Fortune.

The magazine, quoting an anonymous source, says bank debt totals $430 million. But the report also refers to $100 million in "contingent liabilities" -- obligations such as annual $1.1 million payments to Bobby Bonilla for 25 years beginning this summer and $250,000 payments to Bret Saberhagen through 2029.

The report adds:

The source adds another $70 million to the team's overall liabilities to cover this year's losses. The Mets lost $50 million in 2010 and are projected to lose $60 million this season. But they've already seen an 11% decline in attendance this year, which makes it likely that the team will lose closer to $70 million. Part of the franchise's annual obligations is an annual $50 million municipal bond payment for financing Citi Field -- these payments come from Queens Ballpark Company, a "wholly owned subsidiary of the New York Mets," according to the Sterling Equities website.
Adam Rubin has covered the Mets since 2003. He's a graduate of Mepham High School on Long Island and the Wharton School of the University of Pennsylvania. He joined ESPNNewYork after spending 10 years at the New York Daily News.
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TEAM LEADERS

BA LEADER
Daniel Murphy
BA HR RBI R
.295 8 42 62
OTHER LEADERS
HRL. Duda 19
RBIL. Duda 60
RD. Murphy 62
OPSL. Duda .864
WB. Colon 10
ERAJ. Niese 3.23
SOZ. Wheeler 125