New York Mets: CRG Partners
Mets reiterate no bankruptcy motivation
January, 6, 2012
Jan 6
1:20
PM ET
By
Adam Rubin | ESPNNewYork.com
The Mets tweeted Friday afternoon reiterating their previous day's claim that the hiring of CRG Partners, which handled the Texas Rangers' bankruptcy, does not mean the Mets are planning for the same fate.
"Lots of talk about CRG. To be clear: CRG’s services aren’t bankruptcy-related. There are no bankruptcy services being provided by anyone," the organization said via its Twitter account. "They review and analyze financial statements, projections, budgets and forecasts."
"Lots of talk about CRG. To be clear: CRG’s services aren’t bankruptcy-related. There are no bankruptcy services being provided by anyone," the organization said via its Twitter account. "They review and analyze financial statements, projections, budgets and forecasts."
Mets say consultant not bankruptcy signal
January, 5, 2012
Jan 5
10:35
PM ET
By
Adam Rubin | ESPNNewYork.com
In response to a report that the Mets had hired the same consulting firm that handled the Texas Rangers' bankruptcy, the Mets issued a statement confirming the company had been retained but disputing that reasoning.
“Mets Limited Partnership engaged CRG Partners to provide services in connection with financial reporting and budgeting processes," the statement read.
Sandy Alderson did reiterate Thursday that he believed some minority investors purchasing $20 million shares should close on sales this month, so it's hard to believe the Mets are imminently headed to bankruptcy. That cash infusion, assuming it's genuine, should get the Mets through 2012 barring a catastrophic Bernard Madoff-related trial result.
Anyway, here's the news story on the latest development:
The financially troubled New York Mets have hired CRG Partners, the consulting company that handled the bankruptcy of the Texas Rangers.
The Mets, however, indicated that retaining CRG Partners’ services should not imply they are headed down the same bankruptcy path.
“Mets Limited Partnership engaged CRG Partners to provide services in connection with financial reporting and budgeting processes,” the organization said in a statement.
CRG Partners’ web site indicates it helps distressed companies. The Mets have in excess of $500 million in debt, including a recent $40 million bridge loan from Bank of America and a $25 million loan from Major League Baseball that has yet to be repaid.
The company’s web site reads: “In times of unprecedented economic change, organizations are facing unique and daunting challenges. CRG Partners works with organizations to address these challenges, resolve complex problems and significantly improve operating performance.”
“Mets Limited Partnership engaged CRG Partners to provide services in connection with financial reporting and budgeting processes," the statement read.
Sandy Alderson did reiterate Thursday that he believed some minority investors purchasing $20 million shares should close on sales this month, so it's hard to believe the Mets are imminently headed to bankruptcy. That cash infusion, assuming it's genuine, should get the Mets through 2012 barring a catastrophic Bernard Madoff-related trial result.
Anyway, here's the news story on the latest development:
The financially troubled New York Mets have hired CRG Partners, the consulting company that handled the bankruptcy of the Texas Rangers.
The Mets, however, indicated that retaining CRG Partners’ services should not imply they are headed down the same bankruptcy path.
“Mets Limited Partnership engaged CRG Partners to provide services in connection with financial reporting and budgeting processes,” the organization said in a statement.
CRG Partners’ web site indicates it helps distressed companies. The Mets have in excess of $500 million in debt, including a recent $40 million bridge loan from Bank of America and a $25 million loan from Major League Baseball that has yet to be repaid.
The company’s web site reads: “In times of unprecedented economic change, organizations are facing unique and daunting challenges. CRG Partners works with organizations to address these challenges, resolve complex problems and significantly improve operating performance.”
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ABOUT THIS BLOG
Adam Rubin
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.
Andrew Marchand
Andrew Marchand is a senior writer for ESPNNewYork.com. He also regularly contributes to SportsCenter, Baseball Tonight, ESPNews, 1050 ESPN New York and ESPN Radio. He joined ESPN in 2007 after nine years as a sports writer at the New York Post.
Mark Simon
Mark Simon is ESPN Stats & Information's Baseball Research Specialist. He's also one of several Mets historians working at ESPN and a co-host of the Baseball Today podcast. He joined ESPN in 2002 after 6 1/2 years as a sports writer at the Trenton Times.
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| W-L | HM | AW | STK | L10 | |
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| NYM | 25-21 | 13-9 | 12-12 | W1 |
| W-L | HM | AW | STK | L10 | |
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| NYM | 25-21 | 13-9 | 12-12 | W1 |
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| ERA | J. Santana | 3.24 | ||||||||||
| SO | J. Santana | 53 | ||||||||||
