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.
The Cardinals placed right-hander Adam Wainwright on the 10-day disabled list with right elbow inflammation, the team announced Sunday. The move is retroactive to April 20. In a corresponding move, reliever John Brebbia was recalled from Triple-A Memphis.
This is the second time Wainwright has landed on the disabled list in a month, albeit the first time due to issues with his pitching arm. While the 36-year-old hurler doesn’t believe he’ll be out for long, the Cardinals won’t take any chances with a potential elbow injury, especially as Wainwright is just six months removed from arthroscopic surgery on his right elbow. As the extent of the issue has yet to be revealed, no specific timetable has been given for his return to the mound just yet.
The veteran righty earned his first win of 2018 last Tuesday, holding the Cubs to just four hits and one run over five innings during the Cardinals’ 5-3 win. He hasn’t looked particularly dominant on the mound, however, with eight walks and two home runs spoiling 15 2/3 innings of work so far this season.
The Cardinals have yet to announce a replacement for Wainwright in the rotation, but right-hander Jack Flaherty looks to be available to make a spot start if need be. Flaherty is 3-0 through three starts in Triple-A this spring, with a 2.25 ERA, 1.4 BB/9 and 9.0 SO/9 through 20 innings. He logged one start at the major-league level, delivering five innings of one-run, nine-strikeout ball in a 5-4 loss to the Brewers earlier this month.