Citi Field Debt Downgraded to Negative

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Yesterday Standard and Poor’s Ratings Services downgraded the nearly $700 million in debt against Citi Field to negative. That means that they’re reducing the debt to below investment grade. Forbes details the financial assault that the Mets are facing. The financial prospects for the Mets and Wilpon appear to be getting more dire by the day.

Without Jose Reyes on the roster the team is poised for even lower attendance than the 2011 season. The Mets have also floated the possibility that  Johan Santana may not be healthy and ready for opening day after not throwing a pitch in 2011. Other than David Wright, who is in the final year of his contract (plus a team option for 2013), there isn’t much of a reason to go out the park in 2012.

It’s clear that the rest of the teams in the division have made roster improvements while the Mets have essentially failed to enter the free agent market. For the second offseason in a row, Sandy Alderson was handcuffed by the team’s financial situation. His only contribution to re-making the roster has been to shuffle some players in and out of the bullpen and the bench. The Mets GM job has to be one of the worst in baseball right now.

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