"...It's been widely reported that the franchise has around $430 million in bank debt. But a potential investor who spoke to Fortune on condition of anonymity points out that the team's liabilities are closer to $625 million, from a buyer's perspective...
... Mets financial statements disclose another $100 million in what the team calls "contingent liabilities." Much of that is deferred compensation still due to players long gone from the Mets roster. The documents give two examples of these liabilities: Bobby Bonilla, who left the team in 1996 and has $1.2 million per year coming to him for the next 25 years, and Bret Saberhagen, who left in 1995 and is owed $250,000 annually through 2029." (via Fortune)
And people say the Yankees were dumb for giving Soriano $35 mil for 3 years. At least they're handing out checks to players who are still ACTIVE IN THE GAME OF BASEBALL. Compared to these contingent liabilities, the Kei Igawa, Carl Pavano, Damaso Marte, and Nick Johnson contracts were highway robbery for the Yanks.
Just another day in the life of the most poorly managed organization in professional sports. And another easy layup of a blog for me. Thank you, Wilpons. Thank you.
/secretly wishes I was Bret Saberhagen right now
Light in August
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