Wilpons To Refinance Debt, Maintain Control of Mets

The New York Post reported tonight that the Mets are about to experience substantial financial relief.  As soon as next month, owners Fred Wilpon and Saul Katz will close on a seven year refinance of the organization's debt.  There was some question as to whether the ownership group could maintain control of the team through what was a required principal payment of $250 million dollars, due this spring.  The refinance puts that hurdle behind him, as the Post reports they will not be required to come out of pocket with any additional money.

The Post also states, for the first time publicly, that the Mets have been navigating spending restrictions.  Going forward, there will be "no payroll limits written into the re-worked loan."  Per the Post, sources within the Mets' organization expect payroll to increase slowly in the coming years.  however, it is not expected to reach the $140 million level anytime soon.  Additionally, the Mets could post a profit in 2014 for the first time in years.

--------------------------------------------------------------------------

This. Changes. Everything.  The debate of whether or not Sandy Alderson can/can't/won't spend may officially be laid to rest.  What can also be a thing of the past is the notion that the Wilpons are going anywhere.  They're here to stay, for better or worse.  Perhaps now fans can turn their attention forward.  Perhaps now the front office can do the same.  Is is possible the team can build on the additions they've made this winter in the coming years?  Are the Mets actually headed forward for the first time in I don't know how long?  Fans will still argue about the past, but this is good news...very good news!

Wilpon Vs. Alderson Blame Game Rages On

As the Mets have devolved over the last four years, fans have searched for answers.  Although the Bernie Madoff scandal was public, the aftereffects as they related to the team's ownership group never were.  As a result, the debate of who was to blame for the team's ever diminishing payroll is often split between the Wilpons and Sandy Alderson, who conveniently took the team's GM spot about the same time.

Despite that fact that today should have been the high point (with the exception of resigning David Wright) over the past four years, today was no different.  In the fog of war following the confirmation that the Mets had signed Curtis Granderson to a 4 year, $60 million dollar contract, WFAN's Mike Francesa stated on air that Sandy Alderson held firm with a three year offer to Curtis Granderson and that it was the Wilpons who went over his head to add the fourth guaranteed year.

Immediately those within the fan base took the airwaves that Francesa's statement proves that Alderson is at fault for organization's downfall.  Then...this:

A person involved in the process said the final decision on adding the fourth year belonged to Alderson.
— Mike Puma (@NYPost_Mets) December 6, 2013

Look, I honestly don't know who is right anymore.  I find it hard to believe that any general manager wouldn't spend every red cent (within reason) offered to him by his owners.  With that said, I'm not blind enough to think that Alderson hasn't low-balled people in the past.  Now was that because its his financial philosophy or because he didn't have the money to offer?  We'll probably never know for sure, but one thing I do know is that today was a rare good day for the Mets, so lets not ruin it for each other.

Can Mets Fans File A Grievance?

With the news that baby faced backup shortstop (at best), Ruben Tejada, may file a grievance over the Mets delaying his MLB service time, it got me thinking..How can we do something similar?

Personally, I couldn't care less when Tejada gets his walking papers. I suspect he'll be traded, cut or worse long before the end of the 2016 season, but Tejada seemingly wants to make sure he can get as far away from this sinking ship as quickly as possible. Eventually, he will..but we're not so lucky. 

Perhaps Mets fans can file a grievance that the Wilpon's are delaying their inevitable departure.  Or maybe we can file to have the team reduced to a minor league role since it would representative of the roster in recent years.  How about turning Citi Field into a chop shop when they renovate Willets Point.. You know, to keep up appearances. 

You get my point. Tejada may be right, but what does it matter. He's going to use the resources available to influence his situation. We have no such luck. The team sucks, ownership has just enough money to hold on for dear life and we'll be forced to ride out the storm..grievance or not.

Mets Are Worth More Than $2 Billion...Wait, What?

According to ESPN's Adam Rubin who cites a Bloomberg report, the New York Mets appraise for an estimated $2.050 billion dollars.  That's right...nine zeros after the two.  Rubin notes that the value factors in the team's stake in SNY, which accounts for more than half of the appraisal.  The report places the Mets as the fourth most valuable franchise in Major League Baseball, behind only the Yankees, Dodgers and Red Sox.

So let me get this straight.  A team mired in despair for the better part of a decade now, plus a network that fewer and fewer people watch every year, are worth $2 billion dollars.  Oh, the perks of playing in the big city!

All jokes aside this is probably really good news for the Mets, who will look to refinance their debt this winter.  If successful, its believe that the Mets will have more spending money, which could potentially lead to a higher payroll, better players and a better team (theoretically of course).  The Wilpons equity, or lack thereof, in both entities will certainly play a role in that process.  So, the higher the value the better their equity stance will be.

Basically, 90% of this is above my head.  I have an advanced degree, but its definitely not in finance.  So from where I'm sitting, this definitely isn't bad news.  With loan payments, interest payments and the like coming due, the Wilpons will need all the help they can get.