Thursday, January 26, 2012
The unraveling of the Wilpon Finances
By Andrew Marchand
My teammate Adam Rubin has gone in-depth explaining about the Mets' financial difficulties. It gives the clearest picture yet of this complicated situation. Adam also, along with our buddies at ESPN Stats & Info, has figured out the Mets are likely going to have the largest payroll drop in the history of major league baseball.
If you are interested in what is happening with the Mets and what could happen in the future, these two stories are worth your time.
Part II comes tomorrow when Adam looks into if the Wilpons can remain in control.
In the meantime, I have to pull out this quote. It is from the first piece on the financial mess and it is from Jeff Wilpon in 2008.
"The individual partners lost some money at Madoff, but it doesn't affect the Mets," Wilpon, the team's chief operating officer, maintained in December 2008. "It doesn't affect the Citi Field project. It doesn't affect [regional sports network] SNY or any of our operating businesses.
"How is that possible? We have other money. Just because you guys don't know how much money we have, we have other money and other funds outside of this. It's called diversification."