Mets' Ownership Situation

As part of their ploy to hold control of the team, it appears that the team’s current ownership is close to finalizing the sales of 10 minority shares of the club. The sales of $20 million dollars each will give the ownership some quick cash to pay off loans, while keeping them majority owners.

SNY (the New York sports TV network devoted to and originally created for the Mets) will reportedly purchase four shares, a move to be financed by Comcast and Time Warner Cable—which own a combined 30% of the TV network. Should the deal be completed, SNY will own 16% of the team. In terms of a reason for the move, as sports media investor Chris Bevilacqua put it: “Their interests are aligned with the team’s doing well”.

According to many, the sales will be finalized before the end of February, and just in time for Spring Training. 

Davis and Santana Injury Updates

Ike Davis

As many may have forgotten at this point, Ike collided with David Wright when both players went for the same infield pop-up on May 10^th of last year in Colorado. Doctors originally told Davis that his ankle would be healed by the time he was eligible to come off the 15-day disabled list. In those two weeks the presumed sprained ankle had been in a boot, however it turned out to have cartilage damage. Inevitably, Ike’s conditioned worsened--enough to currently leave speculation as to whether he’ll make it through spring training.

Ike has said that he feels great and is completely ready to go, but some aren’t satisfied. Adam Rubin of ESPN deemed Ike’s treatment one more medical gaffe in a long string dating back at least the Mets days of Billy Wagner and Brian Schneider.

Johan Santana

By far the largest player on the Mets’ payroll (due for $24 million this year), the ace missed all of last season recovering from left shoulder surgery. Johan is already in Port St. Lucie, the spring training home of the Mets, and has been throwing successfully. Pitchers and catchers aren’t due to report for spring training until February 13^th, but Santana has been testing his shoulder strength and working it back to full pitching form.

He's been long tossing and is preparing to being pitching very soon; Terry Collins (Mets manager) will soon join him and assess his progress. Johan insists he’s ready, but similar to Davis, many question his ability to have a fully healthy spring.

For both players only time will tell of their readiness. Of the two Davis is definitely in better condition, but both clearly have their obstacles to overcome this spring. 

Mets’ Growing Debt a Worry for MLB

It’s no secret that the New York Mets are in financial trouble. The club’s profits have long been short of what Fred Wilpon or Saul Katz (the owners) would like them to be. The real worrying for the survival of the team began after the public found out that they had been investing with the fraudulent (to say the least) Bernie Madoff and that they lost nearly $500 million as a result. 

The main tool utilized in the owners’ rebuilding efforts has been the loan. The following is a list of the loans they must pay off and their respective due dates:

$430 million from a group of lenders..........................................................2014

$25 million from MLB................................overdue/payment recently extended

$40 million from Bank of America.........................................taken out recently

$450 million for SNY.................................................................................2015

On top of all this, the team’s bond payments on Citi Field rose from $19 million to 43.7 last year. As Richard Sandomir of the New York Times wrote: “That is a lot of borrowing for a team that lost $70 million last season and had faltering attendance.”

Fred Wilpon (left) and Jeff Wilpon (right)

The ownership’s recent response has been searching for minority owners. The Wilpons found a potential fit in David Einhorn, a young hedge fund manager. The two sides reached a deal granting Einhorn a one-third stake in return for a $200 million loan (yes, another one). This deal fell through, however, when Einhorn supposedly backed out last minute. Howard Megdal, author of the e-book Wilpon’s Folly, says that in reality, Fred Wilpon contacted MLB commissioner Bud Selig for help escaping the deal. This wouldn’t be surprising as the transaction offered a possible path to Einhorn’s becoming the Mets majority owner, something the Wilpons have made clear they don’t want.

Even more recently, the Wilpons have honed in on 7-10 potential investors of $20 million each. According to the New York Times, the desperate offer includes perks such as access to club mascot Mr. Met, a Mets business card with the “owner” title, and the privilege of attending a so-called “Owners’ workout” day at Citi Field.

I’m no financier, but I don’t see how the current owners can hang onto the team much longer. Mets fans are losing hope and most (including myself) would be happy to see a change in ownership.  The current ownership must accept the fact that they’ve lost financial control over the club. There is no plausible way for them to escape this debt still the majority owners of the club. Once they realize this and sell the team, the club can regain its balance and build up to years of successful baseball. 

Dodgers Interested in Murphy

According to MLB.com, when Dodgers GM Ned Colletti stated during the Winter Meetings that a trade for a “mystery” player fell through, that player was Daniel Murphy. Coletti also stated that the trade talks were terminated when the “other team” received what they were looking for from another team; this likely points to the Mets’ acquisition of Andres Torres.

Murphy had a solid year last year--especially toward the end--batting .320 overall. As of now he’s slated to be the club’s starting second baseman for the 2012 season, and should he be traded that title would probably go to Justin Turner.

I believe that the Mets should keep “Murph” unless they receive something pretty good in return. In last years inconsistent season, he was a consistent base-hit threat, and upheld his always-good defense. Unless the Dodgers are willing to give up a quality young player, then I think the Mets should keep Murphy. 

Sandy's Brief Shopping Spree

During a period of a few hours on Tuesday night, Sandy Alderson managed to acquire 3 relief pitchers and a center fielder. These additions will help bolster the Mets bullpen.

Big man Jon Rauch was signed to a one year, $3.5 million deal. The 6’11, 33 year old will likely compete with Bobby Parnell for the Mets’ closing job, and the two will

 probably be interchangeable in the set-up man and closer roles.

The club also inked relief pitcher Frank Francisco to a 2-year, $12 million deal. Francisco is 32 years old, and spent last year in Toronto with Rauch while notching 17 saves and recording a 3.55 ERA. 

Both big signings, the additions of Rauch and Francisco weren’t the biggest Mets news of the night. The club completed a trade with the Giants that sent Angel Pagan to San-Fran, bringing relief pitcher Ramon Ramirez and center fielder Andres Torres to New York.

Ramirez has posted a 2.07 ERA since moving to the Giants in 2010, and Sandy Alderson has said that he will become the team’s seventh inning man for next season.

Since they were losing the club’s starting center fielder, the trade sent Torres --an excellent defensive player-- to become Pagan’s replacement; this clearly addressed Alderson’s desire to improve the club defensively.

Overall, this total revamp of the bullpen was a bargain; the total damage was a mere $9 million dollar hole: $14 million in acquisitions minus the $5 million contract of Pagan. Putting financials aside, any number of the new additions could become a breakout, bargain player, the type the Mets have had success with over the past few years, and they will all certainly bolster the club’s bullpen.

After the loss of Jose Reyes, this shopping spree signals the Mets moving on and entering an era of rebuilding. Though I do not believe the team will end up being as bad as many people seem to think, they need to slow the pace down and focus on forging the team for the years to come. 

Jose Reyes Signs with Miami

MLB.com on top of many other sources has confirmed that Jose Reyes has agreed to a 6-year $106 million contract with the Miami Marlins. Sports Illustrated's Jon Heyman has reported that the deal does not include a no-trade clause. The previous thought of moving Hanley Ramirez to third base appears to be the plan for Miami.

Sandy Alderson stated earlier, in his first press conference of the Winter Meetings, that the Mets lost $70 million this past year--a fact that likely affected the club's low offer.

This is a huge blow for the franchise and will likely send the Mets into rebuilding mode. For New York to have a chance this upcoming season, Alderson would have to make some big moves during the Winter Meetings. Sandy implied earlier tonight that he would not pursue any outside second-basemen, and instead would stick with Daniel Murphy.

Regardless of how they move forward, the Mets suffered a huge blow tonight. This adds to their list of holes which already is an impossible list to fill. This is a very severe blow, and a very somber night for Mets fans.

Reyes Update

For the past couple days, the Jose Reyes rumor mill has been re-ignited.  Reports yesterday from Sports Illustrated’s Joel Sherman said that the Milwaukee Brewers will meet with Reyes’ agents sometime this week. Early signs have made it appear unlikely that the Brewers are seriously pondering a Reyes signing, and up until now the Mets and Marlins have been the only two teams seriously in the running.

The Marlins have also upped their game and, according ESPNDeportes, increased their offer $111 million over 6 years. This offer had many sources saying that an official Reyes-Marlins signing is extremely imminent, and could come as early as tonight. Adam Rubin of ESPN New York has stated that when questioned about rumors of the Marlins’ new offer, Sandy Alderson responded that if the Marlins’ reported offer is accurate, then the Mets are out of the bidding. Not long thereafter, Buster Olney of ESPN said that the Marlins have finalized a deal with Jose. 

Many other sources have come forward reporting a Marlins-Reyes agreement, but as we’ve seen before nobody can be %100 trusted in this business.