Turning to our northern rivals, read Adam Rubin's appraisal of the New York Mets and the erosion of the Wilpons' hold on the franchise. [Link]
According to Rubin, Major League Baseball has retained a law firm specializing in bankruptcies as an independent adviser regarding the Mets, who are trying to raise about $200 million from minority investors. Mets general manager Sandy Alderson has verified that the organization lost $70 million in 2011, partially due to a reported 12 percent tumble in stadium revenue, including a 20 percent drop in food, beverage and merchandise sales, the story says. Those numbers figure to plummet further as the Mets are expected to dwell in the National League East cellar. One luxury box owner cited in the piece says he's not only struggling to sell his suite, but can't give tickets away. The organization acknowledged taking out a $40 million short-term loan from Bank of America just to cover operations for 2012, on top of their mountain of dept, the story says.
Read the full piece at ESPNNewYork.com.