Of Course Bankruptcy is on the Table for the Mets

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The Mets have hired CRG Partners, a consulting firm that assisted the Texas Rangers in their bankruptcy and sale. Naturally, it’s being assumed that this is in preparation for an eventual bankruptcy and sale of the financially hemorrhaging Mets.

So what would happen if the Mets’ situation reached avalanche proportions so they had to start selling the light fixtures and they were entirely unprepared for the legal and practical ramifications for such a move?

What would be said then?

It’s at the point where everything the Mets organization does or doesn’t do is dissected to find some underlying “truth” that they’re not disclosing.

But what if what they’re saying is the truth? What if the apparent spin doctoring to keep the wolves at bay is what’s really going on?

Are the Mets preparing for a bankruptcy or did they hire CRG to, as the club statement says, “provide services in connection with financial reporting and budgeting processes”?

Does it really matter?

If the Mets hired a “turnaround specialist” to help with their morass of debt and legal entanglements, isn’t that the wise thing to do? Aren’t they performing their due diligence based on current circumstances?

This story doesn’t automatically imply a bankruptcy filing is on the horizon; obviously that’s on the table, but regardless of public perception and until the Madoff trial begins, the Wilpons are within their rights to do everything they can to keep the team.

As absurd as it sounds, has anyone ever truly considered the possibility that they were victimized by Madoff as so many others were? There’s a presumption of guilt surrounding the Wilpons, in part, because the club has been run so haphazardly on the field and the front office has been adept at telling half-truths and misleading the media and public with semantics. Because of that, they don’t deserve the benefit of the doubt for anything they say, but logically what they’ve done is what they should do to prepare for every eventuality.

The entire episode has turned into a spitting contest over the breaking of the story, what the hiring means and the fans newest attempts to get the Wilpons to sell the team immediately.

This new culture of being the “first to report” has degenerated reporting into stories coming out based on anonymous sources whether they’re accurate and reliable or not. It appears that this story has been reported accurately, but it’s on the short list in that achievement.

I’d rather be right than first.

What Mets fans have to understand is that the Madoff trial and the Mets ownership issues are not going to be resolved in the near future; no matter how much complaining, threats and ridicule are doled out, nothing is going to change that. Fans are of the opinion that they have this power over ownership by their self-indulgent ranting about the way the franchise has unraveled and that their demands will be met immediately.

Mark Cuban is not buying the Mets tomorrow no matter how many times you demand it.

Is it more enjoyable for fans to be talking about the pursuit and signing of big name free agents like Prince Fielder, Albert Pujols and keeping Jose Reyes? Absolutely.

Does the endless public vitriol directed at the franchise affect the Wilpons when they have bigger things to worry about? No.

The Mets are under no obligation to even respond to these allegations—the club is not a public enterprise; they’re owned by a private entity—so they replied with a statement that’s exacerbated the factions of will they or won’t they file for bankruptcy.

But does it matter?


In the grand scheme, I don’t think it does.

It’s a story because it’s a story—an end unto itself with no legitimate endgame until the trial and its results are known. Until then, what’s the difference?



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