Mets Logo (Photo credit: Wikipedia)
This year Forbes has the Mets down 4% to $719 million in value, just behind the Phillies at $723 million. The Mets and the Rays are the only teams to lose value since last year, mostly due to the Mets massive operating loss of $40.8 million. Only three teams had operating losses (Phillies and Angels were the others) and neither were anywhere close to the Mets loss.
The Mets are now MLB’s sixth most valuable franchise far behind the Yankees in the top spot valued at over a billion dollars MORE than the Mets. It’s incredible how much more valuable the Yankees, Red Sox, and Dodgers are than the Mets. All are listed at or over $1 billion.
It’s likely going to take years for the Mets to gain value back and it’ll have to be done on the field. Most experts (and sane people everywhere) are predicting the Mets will finish at or near the bottom of the NL East this season. Based on the current roster, I agree with that opinion.
The Wilpon/Katz ownership group may have settled the Madoff lawsuit and put that financial problem behind them. But the value of their team is sinking and likely won’t increase this year unless there are some miraculous occurances on the field. Maybe the Jets can loan Tim Tebow to the Mets until the NFL season starts.
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It’s a bad time to be trying to sell a piece of the Mets. The 2011 Forbes MLB valuations are out and the Mets are down 13% from 2010, the biggest drop of any team. On average, team values increased by 7%. So the Mets are down 20% from the average team. Forbes noted a $6 million operating loss by the Mets last year and a 25% reduction in gate receipts in their valuation.
Throwing dirt on the Wilpon’s grave, Forbes also noted today that the Mets 2011 ticket sales are frighteningly dismal. They cite a report at MLB offices noting that the Mets have only sold 600,000 tickets so far and are projecting 3 million for potential buyers. The author writes that this translates to only 7,000 season tickets sold to date. That’s hideous!
I have to think the Forbes report will impact the sale of the a minority stake in the Mets. It’s been well reported that the debt against the team is heavy and a lower valuation of the asset is just what the Wilpons don’t need right now. I still think that they’ll have to relinquish their majority ownership at some point in the future.
Forbes came out with their annual list of team values yesterday. The Mets are listed as the third most valuable team in the game behind the Yankees and Red Sox. That’s not a big surprise to any of us. What is interesting is that the Mets declined in value by 6% from last year, the only team in the top half of the league to do so.
You can still see the 2009 list of values on Forbes’ website. The Mets fell behind the Red Sox by losing value. The heavy debt from Citi Field and the poor season certainly are to blame for the devaluation. Continue reading
photo credit: pfala
Forbes ranks the New York Mets second, behind the Yankees, in overall value of the club at $824 million. The team also had an operating profit of $32.9 million last year. We shouldn’t complain about big contracts like Santana’s and Beltran’s when the team is still making money is the moral of the story. Read the full column here.