A few stories crossed my
news feed this past week.
1. The New York Mets have announced that
they have renewed the contract of their 70-year old General Manager, Sandy Alderson.
In typical Mets/Sandy
Speak fashion, the release on Alderson lacked what he will be paid and the
length of the extension.
The second story was
even more interesting:
2. Belmont Park, the old home for the
Belmont Racetrack, will be developed into a new home for the New York Islanders
hockey team.
The new home for the
Islanders will be developed by the Oak View Group and Sterling Project Development,
a real estate form owned by Sterling Equities.
As stated on their own
web site –
Sterling Equities is a diversified, family-run group of
companies guided by the values of partnership and civic responsibility. Its
portfolio is focused on holdings in real estate, sports, and media in the New
York area.
Key officers of
Sterling Equities are Fred Wilpon (Chairman,
Co-Founder, Senior Partner), Saul Katz (President,
Co-Founder, Senior Partner) and Jeff Wilpon (Partner).
Do the names look
familiar?
Let’s remember a few
things.
a. The Mets did not hire Sandy Alderson in 2010. Alderson was pushed on the
Mets by then Baseball Commissioner Bud Selig after
the Mets almost went belly up from the Bernie Madoff fiasco.
His job was to get the payroll of the Mets back in line so the team can
eventually show a profit down the road.
b. The Mets had to borrow $65mil from
the MLB in 2011 to keep unions happy (interest payments for building the new stadium) and the team on the field (the money was repaid in 2012
when the Wilpons and Katz sold minority interests in the team).
c. In 2015, Sterling refinanced $700mil
worth of Mets debt. Reports came out that the Mets were ‘close to being
profitable’, though we must remember that any interest payments on this 5-year
refinancing is not included in the balance sheets as an operating expense.
d. Sterling owns 60% of the New York
Mets and 65% of SNY, which means they also own 60% of the Mets $700mil debt.
Needless to say, this team is far from rebounding from the Madoff days.
e. The resale value of the New York Mets
in 2017 (Forbes Magazine) was approximately $2Bill, based on $322mil revenue,
and an operating income of $31.7mil.
Listen, I want a great
team, like the Dodgers and Yankees, and I’d love to spend the kind of money
they do on their teams, but you don’t walk into a bank like Bank of America (the
bank that refinanced the Mets) and ask them for $700mil and tell them that you
are going to return this team to being a profitable business by trading for a
new third baseman.
The Wilpons operate
this team just like they do their other retail properties. In this case, Sandy
is their landlord and collects the rent.
Never forget that this
team’s first obligation is to the people that have loaned them the money to
operate, then their stockholders, and lastly, the people who attend the games,
park their cars there, buy Mets merchandise, eat at the concessions, etc.
(unconfirmed sources
have informed me that the Mets are looking to change all sales of food and
other items sold inside the stadium, to ‘cash only’, so they can eliminate the
fees charged by credit cards)
The only way… I repeat…
the ONLY way fans can change things here is to stop going to home games and
pouring money into their pockets. If you change the direction
the profit and loss graphs are going on this team, it will influence the investors
(banks) to alert Sterling that they might call in their loans if the Mets don’t
turn this around.
It will take you more
than a season, but a sale could be the end result if you pull this off. The team
has a $2B+ sale value, far covering the debt. It would leave Sterling a hefty
profit from the $391M they paid for the team in 2002.
What is that
expression? “It takes a mountain?” Or was it a river. Whatever…
Call the home office and
ask for Fred, Jeff, or Saul. None will come to the phones, but you will drive
the operators crazy there (of course, I’m probably wrong here and Sterling has
installed one of those systems that you never speak to a human voice).
Leave them a message.
Invite them to your house for dinner. Ask them to meet your friends outside
next Saturday. Invite them to a hockey game.
Tell ALL your Mets
friends on Twitter to do the same.
You have the power.
Let me tell you a quick
story.
I was one of the
managers of the original WKTU-FM, “Disco 92”. We were the only radio station
that played disco in NYC and we were rated the most listened to station in the
city.
There was no commercial
rap in those days, until The Sugar Hill Gang came out with the song “Rapper’s Delight”.
It instantaneously became the most requested song on our call-in lines;
however, we decided not to play it because we didn’t think rap music would make
it in the long run (a bunch of us white guys made this decision) and, in the
words of our programming consultant, “we didn’t have to play it”.
But here was the
problem. The consultant that made that decision went to work every day to his
office in Atlanta. I went to work in NYC where the request lines were set up
next to my receptionist. We would average around 300 requests on a typical work
day… we got an additional 2,000+ for Rapper’s Delight.
The end result was we
added the song to return some sanity to our workday.
You and your friends can
turn the tide here, if you keep it up over what looks to be a probable painful
season.
But if the team turns this around with the players they now have, and they literally go on to win the World Series, you have to STILL stay away from Flushing until either the banks or MLB steps in and makes the Wilpons divest their ownership.
But if the team turns this around with the players they now have, and they literally go on to win the World Series, you have to STILL stay away from Flushing until either the banks or MLB steps in and makes the Wilpons divest their ownership.
If the team is two
games out of first place, and they are about to start their last home series
against the Nationals, and you show up and help fill up the stadium, all your
efforts go out the window.
See? It does take a
mountain.
15 comments:
Well.... I guess it could be entertaining to watch and root for the Yankees this season. At least they are still a NY team.
Do it the old fashioned way...listen to them on transistor radios with 9V batteries. Skip the TV and the games.
I said this last off season aQt this time - we need to see how the whole off season plays out...but the Yankee philosophy is like a Trump slogan...they win, a lot, and keep on winning. They probably have one or two more big tricks up their sleeves left this off season...do the Mets have ANY? I do hear the Mets are thinking of signing 45 year old Bartolo Colon to a minor league contract...I guess, in one sense, that qualifies as BIG, but not as WINNING.
Bob, MACKS YANKS has a certain ring to it, huh?
Compare it to working...some will work for mediocre, outdated JC Penney thru thick and thin. Other JCP employees will get disguted and leave for a winner, AMAZON. The question is: how many will switch loyalties and leave for the winning team.
I have 2 sisters and 5 brothers, one deceased, just one Yankee fan in the bunch. Be will try to contain his joy, and his rubbing it in, at our Christmas get-together. May be time to spend precious, scarce dollars in the Bronx.
Michael Friere has more to say7 on this subject at 11am
Question to those of you living in the NYC area... are the Mets games free on TV like they were when I lived there or do you have to subscribe to a specific service to get them?
Mack, Mike Vaccaro of the Post also launched an absolute gut punch to the Wilpons today. Everyone here should read both.
Nice one-two punch between you two.
Friere's rant now scheduled at 10am
Reese has added his own at noon.
Metsiac is going to shite today.
I just sent mine to Fred, Jef, and Saul at Sterling Equities, and Sandy Alderson at the Mets.
I wish I still had the telephone number for Omar but I removed it when he moved on.
Thomas right on about the Vaccaro article although will it or any other really change anything? Staying away is probably the only way to hit em in the pocketbook.
How about we all pitch in to fly a plane over Citi SELL THE DAM TEAM FRED or something like that. It work for the Jets.
Gary -
Eventually it would.
These guys could be worn down if the pressure would continue.
A suggestion would be for Mack's Mets to start a "Go Fund Me" fund for this.
https://www.gofundme.com/?pc=thrive_google_search_branded-f_category_usa_236373243117__aud-301295473410:kwd-298374861528__41740664116_803897641_to%20go%20fund_e_c_g__9010740___1t1&gclid=CjwKCAiAvf3RBRBBEiwAH5XYqDCZyyCCH_LnBgcGOubfvn2JcYGSmRefY2M2bk_0DlEnhDjICZVDNBoC47IQAvD_BwE
We could raise money both for a new billboard outside the stadium like those guys took out two years ago (I've been told the Mets paid them off to take it dwon but that is unconfirmed) and money for a banner for a nationa televised game.
Well done, Mack......puts things in perspective, for sure.
I am not sure if the average fan will be able to stay away if the team is winning, but they will stay away if the are not. It almost seems like we should root for them to "crash" as a way to a better future.
It is a strange concept, to say the least.
OK, we win & the Wilpons sell.
Steve Wynn buys the team... and moves them to Las Vegas (as the "LV Jackpots"). The new stadium has a Sever Rotunda (containing a 40 ft statue of his dog, Slider) which you enter through Bill Buckner's legs. He buys every FA every year (discards those who disappoint in their first 25 AB's at huge discounts to teams who seem least threatening). The manager is fired after any blown save.
Everybody happy? And you don't have to boycott because there's no NL team here to boycott.
If you have cable or satellite, SNY is included. If ypu don't, about 15 games are on "free" channel 11.
In the 80s, when the Mets ruled the city while the Yankees struggled, George S griped about the empty stands, saying that the fans were afraid of the neighborhood. He wanted the city to solve the problem with a new stadium in Manhattan, and threatened to go to Jersey if they didn't.
Once the team started winning, suddenly the "fear of neighborhood" vanished. 😅
Or the Jeter group buys the team and unloads anyone making $5+ mil. 😕
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