The Mets’ talking points have been that, were it not for the Madoff lawsuit, everything would have been hunky dory financially speaking. The New York Times reports this morning, however, that such is not the case:
When the owners of the Mets said in late January that they would seek buyers for up to 25 percent of the club, they cited “the air of uncertainty” created by the $1 billion lawsuit brought by Irving H. Picard, the trustee representing the victims of Bernard L. Madoff’sPonzi scheme.
But a look at the team’s financial condition — gleaned from public financial documents and numerous interviews — suggests the team may well have needed the proceeds from selling part of the team regardless of the suit.
The Times says that the team realized significantly lower revenues upon moving into Citi Field than they had anticipated and that combined with (a) the overall financial downturn; and (b) less-than-stellar on-the-field performances led to the Mets seeking investors on the down low prior to the lawsuit and their public announcement that they were looking for a cash influx.
The lawsuit is there now, of course, and that certainly trumps whatever cash flow issues the Wilpons were facing before in terms of financial uncertainty. But potential investors aren’t going to be on the hook in the lawsuit. They are, however, going to depend on Mets’ cash flow in order to vindicate their investment. If it’s less rosy than we suspect, it may be harder to justify taking the plunge.
In a recent interview with Jon Greenberg of The Athletic, White Sox third baseman Todd Frazier took a swipe at the Reds’ front office. The rebuilding Reds traded Frazier to the White Sox as part of a three-team deal this past December.
After the season, Frazier will enter his third and final year of arbitration eligibility. Frazier told Greenberg he’d like to stay with the White Sox. He praised the club’s ownership and then, unprompted, he decided to castigate the Reds’ front office.
I would love to stay here. It’s a great club, great ownership. It was very different in Cincinnati, it wasn’t good. The bottom line here is these guys know what they’re doing. I see the guys [Hahn] gets, he’s not afraid to pull the trigger. You’ve got to have a guy like that. Whether it turns out to be for the best or not, you take a chance sometimes, and I think he’s done that a lot. It’s up to Jerry [Reinsdorf, owner] and Rick [Hahn, VP/GM] and their team to figure out what they want to do and it’s up to them.
It’s not clear if there are specific incidences to which Frazier could be alluding, but it’s a very obvious piece of criticism.
Frazier, 30, has regressed a bit offensively compared to the previous two seasons, batting .213/.295/.448 with 32 home runs and 81 RBI in 532 plate appearances. The White Sox could pursue trading him during the offseason.
Update (7:20 PM EDT): John Hickey of the Bay Area News Group reports that Crisp has indeed been traded, but there won’t be an official announcement until Wednesday. Crisp has already left the Athletics’ clubhouse.
Steve Adams of MLB Trade Rumors is reporting that the Athletics and Indians are making progress on a trade that would send outfielder Coco Crisp to Cleveland. Jon Morosi of FOX Sports confirms Adams’ report. Crisp, who has 10-and-5 rights, has waived them in order to facilitate a deal.
Crisp, 36, is owed the remainder of his $11 million salary for the 2016 season and has a $13 million option for the 2017 season that vests if he reaches 550 plate appearances or plays in 130 games this season. He has already played in 102 games and logged 434 PA, batting .234/.299/.399 with 11 home runs and 47 RBI.
The Indians are still looking to bolster the outfield. Michael Brantley is expected to miss the rest of the season, Bradley Zimmer may not yet be ready for the majors, and Abraham Almonte is not eligible to play in the postseason after testing positive for boldenone in February.