Showing posts with label Fred Wilpon. Show all posts
Showing posts with label Fred Wilpon. Show all posts

Monday, November 16, 2020

A Metsian Podcast: Inside Steve Cohen's Purchase of the Mets with Journalist Laura S. Goldman

From the desk of: HEAD-BUTTING MR. MET

With SAM, RICH & MIKE

GUEST
Journalist ~ Consultant
Wharton Grad and Provocateur

seventy-four minutes



⚾               ⚾               ⚾

We open the podcast with Laura S. Goldman, who provides a business insider's report about Steve Cohen's recent purchase of the New York Mets.  The bidding process, players and pretenders, outstanding debt, the status of SNY, and property redevelopment rights; are all on the docket.  Afterwhich, A Metsian Podcast lights the Hot Stove.  We debate and discuss off-season priorities, the merits of Seth Lugo as a starter, or reliever, and update the Brooklyn Cyclones future course.  The podcast winds down with a 1967 New York Mets retrospective.   #LGM
Our guest Laura S. Goldman is a graduate of the Wharton School at the University of Pennsylvania.  Her financial investment career includes work with Merrill Lynch, Paine Webber, and her own firm which cleared through Bear Stearns.  She's presently a consultant at LSG Capital as well as ABC News where she helped produce the presidential election town halls moderated by George Stephanopoulos.

Monday, November 02, 2020

Rolling Out the Welcome Mat For Steve Cohen w/ Greg Prince on Another Metsian Podcast

From the desk of: HEAD-BUTTING MR. MET

with SAM, RICH & MIKE


GUESTS
&

106 minutes



We're a mere formality away from Steve Cohen assuming full control of the New York Metropolitan Baseball Club.  Celebrations have erupted throughout social media, with anticipation of the deal being completed in ten more days.  Until then, we dust off the Hot Stove in preparation for what should be an exciting off-season.  But tonight, we break out the party hats and noisemakers.  It's party time!

#LGM

Tuesday, September 22, 2020

N.Y. Mets: Nelson Doubleday Prophecy Fulfilled

From the desk of: HEAD-BUTTING MR. MET

THE FORTY YEAR DUPE
Behind the Great Wall of Flushing


I - PAYSON ERA COMES TO AN END

What begins in 1962, and culminates in 1969, slowly starts to unravel in the decade ahead.  Sadly, in 1972, beloved manager Gil Hodges passes away.  He is followed three years later by the Ol' Perfessor Casey Stengel and team founder Mrs. Joan Payson.  Organizationally speaking, Bing Devine and Whitey Herzog are no longer procuring young talent for the club.  Charge of the front office and baseball operations by the mid-1970s are essentially left in the hands of M. Donald Grant.  Fan favorites Rusty Staub, Tug McGraw, and Tom Seaver are traded.
(Grant).. "doesn't know beans about baseball." - Whitey Herzog
Minority owner M. Donald Grant seemingly has no compunction playing the fan perceived role of villain.  The deconstruction of the "Amazin" and "Ya Gotta Believe" Mets continues under general manager Joe McDonald.  Meanwhile, Joan Payson's daughter and heiress Lorinda de Roulet has her own qualms as a baseball magnate.  The aptly labeled Dark Years (1977-1979) are distressing times for Mets fans, young and old.  Ed Kranepool, the last vestige of the Miracle Mets, in 1979, announces his retirement, officially punctuating the end of a nineteen-year-long era.


II - A CONTENTIOUS PARTNERSHIP (1980-2002)

By 1980 the Payson Estate puts the Mets up for sale.  Ed Kranepool submits a bid, but Lorinda de Roulet (as Kranepool describes the process) decides to sell within her inner social circle, including none other than Fred Wilpon.  Along with his brother-in-law, he, Saul Katz, each put up $650,000 as part of a record 21.1 million dollar bid for a major league team.  Now all they need is someone to put up a majority share and unwittingly agree to become a non-managing partner.  John Pickett, the (then) owner of the New York Islanders, brings Fred Wilpon in contact with publishing titan Nelson Doubleday who ironically agrees to put up 80% of the purchase price without first reading the fine print.  He would come to learn of his misstep the hard way.

Within a few years, the team embarks on its greatest span of sustained success.  From 1984 through 1990, no National League team wins more games than the Mets.  They capture two division titles and win one World Series.  After a ten year intermission, the Mets return to the playoffs in 1999 and in 2000 clinch the organization's fourth ever National League pennant.  

However, the business relationship of 22-years, which begins amicably (at best), quickly deteriorates to the point Doubleday grows to loathe whom he comes to view as his duplicitous partner.  In 1986, Nelson Doubleday was selling his family's publishing business to Bartelmann's.  As part of Doubleday's own reorganization, Nelson, Fred Wilpon, and Saul Katz agree to become equal partners in purchasing the Mets from Doubleday and Co. for $85 million (and an agreement to assume $25 million in team liabilities).  Soon after, the New York Times wrote that it was quite possible Doubleday and Fred Wilpon (and Saul Katz) would not have become 50-50 partners, had Doubleday been aware of the clause in their original agreement which provides Wilpon the right of first refusal on any sale of the team.  The issue of Fred Wilpon's right of refusal resurfaces in 1992 when an irate Nelson Doubleday makes a veiled threat to sell his half of the Mets in protest after a majority of MLB owners vote in favor to oust commissioner Fay Vincent.

Otherwise, the two continue bickering over a great many issues, some more famously than others.  Whereas Nelson Doubleday thinks it is business-wise to extend Mike Piazza, Fred does not.  Instead of investing in one of baseball's premier players, Fred is hell-bent on building a new ballpark.  Doubleday knows they can't afford such a grand undertaking and instead proposes to renovate Shea Stadium.

Nelson's growing animosity towards Fred escalates to a point where they occupy separate boxes during games until Doubleday just stops attending.  After years of infighting, they ultimately deem their differences irreconcilable, and by 2002 Nelson Doubleday declares he is done with baseball.  A contentious court battle ensues over the team's fair market valuation resulting in Doubleday being forced to settle on a buyout far below his expectation.

On the way out Nelson Doubleday takes some parting shots at his former partner and son, whom he likens to a "little Pharaoh" and scoffs at the notion of Jeff "learning how to become a baseball man."  Doubleday implores media and fans, ".. run for the hills!" because Fred Wilpon, "is going to run the Mets into the ground."

Very similar to Whitey Herzog's assessment of M. Donald Grant, is it not?

Most, if not all, Mets fans would agree Nelson Doubleday was the more astute of the two partners and possessed the higher baseball acumen.  But with his exit, so went Fred's check and balance, the front office's operational conviction, and, above all, ownership's Mets-centric sensibilities and team pride!


III - ROAD TO RUIN

With Doubleday out of the way, Fred Wilpon focuses his full attention on building Citi Field.  Fred owns the blueprints to Ebbets Field.  He slaps them on his architect's desk and says to him, this is what he wants.  

But how is Fred Wilpon going to satisfy his payment to Nelson Doubleday and still afford to build a new ballpark when his former partner already publicly declared the plan unfeasible?

In 2015, the New York Times wrote that Fred Wilpon and Saul Katz used their accounts with Bernie Madoff to persuade lenders into refinancing certain loans.  This permits them to buyout Nelson Doubleday (according to the lawsuit filed against the Mets owners by the trustee for the victims of Madoff's fraud).  

In a separate 2011 article, former Mets general manager Frank Cashen acknowledged to the New York Times, it was his understanding that several million of his deferred compensation had been invested with Mr. Madoff.  This suggests Bernie Madoff was no stranger to those in and around the Mets front office and that Fred Wilpon and company by this time were already hedging and manipulating accounts.

Fred's next move is firing Steve Phillips and ordering interim general manager Jim Duquette to cease spending.

Lastly, Fred promises lenders that Citi Field will be packed annually with 3.5 million fans.

After two seasons, Fred replaces Duquette with Omar Minaya.  Ownership is agreeable to Omar's payroll increases as long as their realigned Madoff accounts continue sustaining the load, which they do right up until Dec. 8, 2008, when the most egregious investment Ponzi scheme in American history is revealed.  The Mets organization is financially devastated.  Meanwhile, the grand opening of Citi Field, replete with all its inherent debt, is just four months away.

Loans, secondary loans, and refinanced loans get ownership nowhere.  By 2012, the Wilpons are left with little choice but to sell limited minority shares in the team.  During this time, Steve Cohen initially purchases his shares in the Mets (as do notables Anthony Scaramucci and Bill Maher).  The sale staves off creditors for a fleeting moment.  All these years later, the Wilpons remain hundreds of millions in debt.  Never able to fully recover, on September 14, 2020, forty years after submitting their initial bid to purchase the club, Fred Wilpon, Jeff Wilpon, and Saul B. Katz finally agree to sell the New York Mets baseball club to Steve Cohen.

Eighteen years after gaining full control of the Mets from Nelson Doubleday; twelve years post-Bernie Madoff implosion; Fred and Jeff Wilpon leave the Mets behind after running the club into the ground, just as Doubleday prophesied.  

Doubleday's departure and Bernie Madoff's Ponzi scheme are separated by a mere six years. 

Six ...


IV - FRED WILPON'S CONCATENATED GENERAL MANAGERS

Keep in mind Fred Wilpon is the managing partner.  How he and Jeff run the front office proves as defective as their finances.  They maintain what they call a collegial condition wherein all executives in the loop hold some sway.  But we know that really means over-involvement and mass meddling.  Frank Cashen would have never allowed such a thing.  Thus the list of ensuing general managers hired after Cashen's retirement proves beyond a reasonable doubt how Fred refuses to operate outside his sphere of comfort and competence.

Before stepping down after the 1991 season, Frank Cashen has already stocked the front office with Al Harazin, Gerry Hunsicker, and Joe McIlvaine.  Cashen would later recruit Steve Phillips, who, in turn, recruits into the front office, Jim Duquette and Omar Minaya.  

Before the 1992 season, Fred and Frank Cashen select Al Harazin as the next general manager.  The decision alienates Joe McIlvaine, who takes the general manager's position in San Diego, and Gerry Hunsiker, who accepts the general manager's post in Houston.  Here in Flushing, the 1992-1993 Mets go down as the worst team money can buy.  As such, Al Harazin is relieved of his duties.  But instead of vetting out a new general manager, Fred gets on the phone to Gerry Hunsiker, begging for his return.  After being rebuffed, Fred gets on the phone to Joe McIlvaine, who acquiesces.  Joe becomes notorious for going on scouting trips without informing Fred and for not returning his calls.  This infuriates Fred, as it goes against his collegial office structure.  McIlvaine is fired.  But instead of vetting out a new general manager, the job is handed to Steve Phillips.  Meanwhile, Omar Minaya accepts the general manager's position in Montreal.

Under Phillips, the Mets in 2000 return to the World Series, but the partnership between Doubleday and Wilpon is soon ending.  By 2003, the Mets are a last-place club with the highest payroll in the National League.  Fred freezes team spending until the deal with Nelson Doubleday is closed.  In the meantime, Steve Philips, for various reasons, is fired.  Fred then tasks Jim Duquette as general manager while he tries to restore financial order.  Before the 2004 season is through, Fred Wilpon is again ready for a new general manager.  But instead of vetting out a new executive during the off-season, Fred places a call to Omar Minaya's office requesting his return to Flushing.  Minaya gladly accepts the Mets offer.  He is the general manager when the Bernie Madoff news breaks.  Omar's run ends after the 2009 season.  

A long concatenate of organizationally familiar, if not inbred, executives is finally broken.  Moving forward, Jeff Wilpon is poised to play a leading role in vetting out the next general manager.  However, despite conducting an extensive (albeit feeble) search, Commissioner Bud Selig intercedes by politely imposing Sandy Alderson upon the Mets in light of their fast worsening Madoff condition.  Although unsolicited, Alderson represents the first executive/general manager since Frank Cashen, who is not previously associated with the Mets.  Alderson's not-so-secret mission is to keep the National League's New York City member club afloat in light of ownership's dire financial straits.

After an "old school" rebuild in 2015, the Mets clinched their fifth ever National League pennant.  But their success is short-lived.  During the 2018 season, Sandy Alderson steps down, citing health concerns.  Rumor has it Jeff was already contemplating Alderson's dismissal.  Be that as it may, Jeff Wilpon decides the team will finish out the season with himself, John Ricco, and Omar Minaya (back with the organization) serving together as general manager.

Because that makes perfect sense ...


V - THE COO

Sandy Alderson was clearly a hockey stick thrown into Jeff's bicycle spokes.  But opportunity presents itself again when the Mets general manager steps down.  After conducting another disingenuous vetting process, Jeff Wilpon hires Brodie Van Wagenen, an agent and a personal friend of his, to be the next general manager. 

And there's the rub ...

Instead of competently hiring a well respected and proven executive (such as the available and highly touted Chaim Bloom, per se), Jeff takes the safe route in hiring someone he trusts on a personal level - general manager experience be damned.  Jeff ultimately employs someone who will let him meddle till his heart's content.

Nelson Doubleday never thought much of Jeff.  All these years later, we have a better understanding of why.  He's straight out of a textbook: nepotism, elitism, hubris, lack of practical experience, lack of leadership and interpersonal skills, certainly no self-awareness, lack of accountability and novice superintendence, not to mention his spoiled petulance to the very last insofar as closing out negotiations and final transfer of the team ... everything you'd expect from the owner's son.

"..little Pharaoh."


VI - THE RECORD (2003-2020)

Three Playoff Appearances: 2006, 2015-2016
  • Eighteen seasons under Wilpon's ownership
  • One National League pennant 
  • Two N.L. East titles
  • One Wild Card
  • Seven winning seasons
  • Eleven losing seasons
  • Overall Record: 1,381-1,426 (.491) w/ six games left in 2020


VII - LEGACY LOST

Picture if you will ...

A Brooklyn kid and Dodgers fan grows up in the neighborhood of Bensonhurst.  He pitches a no-hitter for Lafayette High School.  Playing to his left is first baseman, Sandy Koufax.  This kid matures into a prominent real estate developer.  In 1980, he and partner Nelson Doubleday rescue Mets fans from the Dark Years.  Fans are thankful.  By 1986, the Mets are world champions, and for the rest of the decade, dominate the local baseball scene.  After capturing another pennant, Nelson Doubleday decides to retire.  Fred Wilpon assumes full ownership of the club.  Mets fans are again grateful and appreciative that their favorite baseball club remains a family-run organization and not owned by some cold corporate Death Star conglomerate.  Within a few years, the Mets are back in the playoffs and go on a wildly successful three-year run.  They recapture the heart of New York City and closeout Shea Stadium gloriously.  In 2009, the Wilpons open the doors to brand new Citi Field, a thoughtfully constructed monument to Mets baseball and its National League heritage.  Joan Payson, Gil Hodges, and Tom Seaver commemorative statues mark the third base, home plate, and first base exterior.  The interior rotunda is a grand museum dedicated to Mets baseball, with additional life-size commemorative statues of Casey Stengel and Willie Mays in his Mets uniform.  Other tasteful hints of the Polo Grounds and Ebbets Field are easily detectable by the observant fan.  Once inside, one can cross the Shea Bridge and visit the New York City Negro Leagues Museum with prominent exhibits featuring Jackie Robinson and a host of others.  Fans give their new home a rave review, and the symbiotic relationship with ownership continues.  Happy fans keep packing Citi Field to the tune of 3.5 million per season.  None of which is lost on Fred and Jeff Wilpon, who continually reinvest into the club while driving down debt on Citi Field.  The Mets return to the World Series in 2015 and have since remained a top National League contender.  I was 13-years old when Fred and Nelson Doubleday originally purchased the club.  Forty years later and I'm now 53-years old.  I've been fortunate to be a fan of a well-run organization.  Moving forward, Jeff and the family are more than welcome to occupy the next forty years of my life.  After all, good owners are hard to come by.  Fred Wilpon has been a local hero to us; a Brooklyn kid does good.

As if ...

They do nothing of the kind. 

The Wilpons have impacted forty years of my life.  At this point, it's best if they just leave.

Story over.


Tuesday, September 15, 2020

Monday, June 29, 2020

Spring Training Redux and the Precarious Season Ahead with Journalist David Krell on Another Metsian Podcast

From the desk of: HEAD-BUTTING MR. MET


WITH
SAM, RICH, and MIKE


GUEST
JOURNALIST, AUTHOR, EDITOR, PRODUCER

David Krell is the editor of the upcoming anthology The New York Mets in Popular Culture, expected to be published by McFarland and Company in September.  He is also the editor of The New York Yankees in Popular Culture and the author of Our Bums: The Brooklyn Dodgers in History, Memory and Popular Culture.  

David is the chair of the Society for American Baseball Research Northern New Jersey Chapter, also known as the Elysian Fields Chapter.  He has spoken for several years at SABR conferences and the Cooperstown Symposium on Baseball and American Culture.



SEVENTY-ONE MINUTES



This game is your game, this game is my game, from California, to the New York Island, from our Canadian neighbors, to the Gulf Stream waters, this game is back for all to see.  Okay, please forgive our giddiness, it's just that A Metsian Podcast is thrilled about finally airing a show bereft of labour strife, contentious negotiations, and bargaining for dollars and nonsense.  This evening Sam, Rich, and me, with guest and baseball author David Krell, bring the focus squarely back on the New York Metropolitans baseball club and all matters orange and blue.  #LFGM



Monday, June 01, 2020

Four Old Guys and Sam on Another Metsian Podcast

From the desk of: HEAD-BUTTING MR. MET


How You Doin?

A METSIAN PODCAST
with SAM, RICH, and MIKE

GUEST
with special call-in from

105-minutes



BASEBALL
Owners ~ Commissioner ~ Union ~ Players
Fred ~ The Saul B. Katz Dilemma ~ Jeff
J-ROD
Life and Sports ~ Sports and Life
Mets History ~ Reminiscing
and so much more!

#LFGM

*Sunset Park mural



Sunday, February 09, 2020

Another Metsian Podcast: Talking Pitchers and Catchers with Gary Mack of MetsMusings

From the desk of:  HEAD-BUTTING MR. MET

Unpack the Truck!
Pitchers and Catchers Have Arrived

A METSIAN PODCAST
with SAM, RICH, and MIKE

With Special Guest


74 minutes


Let's Not Make a Deal ~ Grading the Off-Season ~ Spring Training Invitees
PITCHERS and CATCHERS
#42




Monday, December 23, 2019

Wednesday, December 04, 2019

Contemplating End of Wilpon Era on Another Metsian Podcast

From the desk of: HEAD-BUTTING MR. MET

PARTY TIME!

A METSIAN PODCAST
with SAM, RICH, and MIKE

WITH GUESTS


100 minutes

 

On the Potential Sale of the 
New York Mets


  • art by #CYCLE

Thursday, October 31, 2019

The Most Lugubrious Managerial Search in Mets History Presses Onward

From the desk of: HEAD-BUTTING MR. MET




I would have been very copacetic with Joe Girardi.  He was second on my list of managerial candidates.  Be that as it may he is now skipper of the Mets nearest rival, and the Philadelphia Phillies will be better for it.  Of that I'm sure.

THE ROJAS CHRONICLES: CASE CLOSED

Luis Rojas, ponderously not one of the finalists, is/was third on my list.  He would have earned the position the old fashioned way: by dutifully paying his dues.  His resume is classic, having served the last twelve seasons in the Mets minor league system as both a coach and manager.
  • 2007 - coach; Dominican Summer League
  • 2008 - coach; GCL Mets
  • 2009 - coach; Savannah Sand Gnats
Still only 38-years old, I'm unsure if Luis Rojas classifies as a really young Gen-X'er, or a really old Millennial.  In any event, Rojas receives his first managerial assignment in 2011 with the GCL Mets.  In 2012 he takes over the reigns at Savannah where in 2013 the Sand Gnats win the South Atlantic League championship.  In 2015 Rojas is promoted to manage at Port St. Lucie.  In 2016 he leads PSL to their first playoff appearance in three years.  Rojas in 2017 is again promoted to manage Binghamton where the Rumble Ponies post a 149-130 record during their two seasons under Rojas.  Entering the 2019 season Luis Rojas is named the Flushing Mets quality control coach by incoming general manager Brodie Van Wagenen.

If you're a regular rider of the Trolley, then you know I follow winter league baseball.  I do not think; rather I know there is valuable experience to be gained in the Caribbean, be it as a player; coach; manager; even an executive.  The most recent and notable example of someone parlaying his winter league experience is present Red Sox manager Alex Cora.  After retiring as a player, for a few years he initially manages then serves as general manager of the Criollos de Caguas in Puerto Rico's LBPRC.  Los Criollos win Puerto Rico's 2016-2017 championship.  As general manager Alex Cora then leads an enhanced Criollos team (representative of Puerto Rico) to the 2017 Caribbean Series championship.  As general manager he assembles Team Puerto Rico whom face Team USA in the championship game of the most recent World Baseball Classic.  Very shortly thereafter in April Cora begins his stint as bench coach for A.J. Hinch and the soon to be World Champion Astros.  The following October Cora manages the Boston Red Sox to victory in the 2018 World Series.  Point being, Luis Rojas has captured two Dominican LIDOM championships in 2015 and 2016 as manager of Los Leones de Escogido.  If nothing else it helps punctuate a well rounded resume that should serve him well in future years.

THE FINAL FOUR

The Mets continue marking time is what has become the most lugubrious managerial search in the history of baseball.  Latest reports list the four finalists as Carlos Beltran, Derek Shelton, Tim Bogar, and Eduardo Perez.  The 22nd manager in Mets history will then be named 2:30am (EST) on a random Sunday morning still to be determined.  Don't call them.  They'll call us.

Sam, Rich, and I, were joined on our most recent Metsian Podcast by Gotham Baseball's Mark C. Healey, and we all agreed albeit for varying reasons and with differing levels of trepidation that Carlos Beltran is sure to be named next manager of the Mets.  My reasoning is simply because the Mets continue doing the exact opposite of I want.  For reasons I'll get into shortly, I'm just not interested in Carlos Beltran managing the Mets.

Derek Shelton is a veritable unknown to me.  That alone is enough to dissuade me from hiring him.  Sure, he's been around the block where it concerns MLB level experience.  I can not deny him that.  However distinguishing oneself is another matter.  Being bench coach of the Twins does not a resume make.  Neither does working along side Eric Wedge which is as pedestrian as it gets.  Perhaps you consider him a branch off the Joe Maddon tree considering their time together at Tampa?  The better question is are you a fan of Joe Maddon?  Me .. not so much.  I find Tampa's success far more attributable to Chaim Bloom's oversight than anything else.

Tim Bogar owns ten years of MLB coaching experience.  However, his decade long impact is no more distinguishable than that of Shelton's.  Am I being made to believe by Mets brass that Bogar and Shelton can potentially be better field managers than Girardi ever was?  Not likely.

And then there's Eduardo Perez, the son of Hall of Famer Tony Perez, slugging first baseman for the Big Red Machine.  I grew up watching Tony.  I recall the Reds trouncing the Yankees in the 1976 World Series like it was yesterday.  There's something to be said for being born of baseball blood.  Eduardo also has requisite MLB coaching experience, and likewise managed successfully in Puerto Rico's professional league.  There's no doubt he is media savvy.  He's one man that will not soon get caught short for words.  In fact, I find him the most intriguing of the lot.  But just because I'm intrigued doesn't mean he's right for the job.

Meanwhile, the bombshell candidate is yet to materialize ... as if.

LOOK WHO'S NUMBER ONE!

In case you're wondering my number one consideration is out.  In fact, he was never in.  I want Buck Showalter.  This guy checks all my boxes.  There is no questioning his acumen; he commands respect; and is quite adept at negotiating the New York media.  On that note, the Mets would have received little if any criticism had they elected to go that route.  To my dismay he hasn't received so much as a sniff from Brodie Van Wagenen.  Another time, under different circumstances, I would be more open towards hiring a second straight novice ... just not now.  In their present condition the Mets need nothing short of a swift kick in the Showalter.

HOUSTON, WE HAVE A PROPOSITION

Game seven of the 2019 World Series is now a matter of history.  Why does it seem the longer the Mets managerial search drags on, the more we're being led to believe Brodie Van Wagenen is actually targeting A.J. Hinch?

METS FANS, WE HAVE A PROBLEM

Fred Wilpon is still part of the hiring process.



Friday, June 28, 2019

Metsian Podcast Catharsis: The Aftermath Episode

From the desk of:  HEAD-BUTTING MR. MET


THE ROAD TRIP FROM HELL; Ep. #30

A MESIAN PODCAST
with SAM, RICH, and MIKE

With Special Guest
John 
aka

116 Minutes




STUFF
Fred Wilpon ~ Jeff Wilpon ~ Brodie Van Wagenen ~ Mickey Callaway
Not That Sorry ~ Sunday Crummy Sunday: The Aftermath ~ Jason Vargas
The Road Trip ~ The Phillies ~ The Bullpen ~ The Wreckage ~ The Pain
What in the world are the Mets gonna do with Robinson Cano?
All-Stars ~ No Stars ~ Exploding Stars
Players to wear #30 in Mets History
50th Anniversary of the Miracle Mets
and so much more!




* ART BY CYCLE

Thursday, March 28, 2019

N.Y. Mets: March Money Madness

From the desk of:  HEAD-BUTTING MR. MET


Best part: you, the fan, get to pay for it! - HM

New York Mets: The Madoff Money Magic Mystery Tour Continues.

Make of the following what you will.

In the summer of 2015, Fred Wilpon and Saul Katz refinanced roughly $700 million of debt owed by the team and SNY, stemming from the Bernie Madoff implosion and its aftermath.  At the time, Sterling Equities owned 65% of SNY and 60% of the Mets.  The new five year loans against separate entities carried lower interest rates and tied the maturity dates together, according to reports both in the New York Post and FORBES.

Then there's this Twitter exchange I recently had with writer/editor Howard Megdal:






Call me naive, because I actually believed ownership was paying down debt.  But Howard is in the business whereas I do this for fun.  He could very well be spot on in suggesting the Wilpons have indeed been doing nothing more than paying off interest.  Suddenly, we may even have a hint of circumstantial proof.  Fred Wilpon recently paid $180 million to buy back a 12% stake in the team owned by Comcast and Charter Communications in a deal Josh Kosman of the New York Post says, "values the struggling team at roughly $1.5 billion, the Post has learned."  In their 2018 annual report, FORBES valued the Mets at $2.1 billion.  Simple math puts the difference in valuation from one year to the next at $600 million.  Is this due to the six to seven hundred million of principle potentially still owed by Saul Katz and the Wilpons?

Sure would explain a lot, wouldn't it?


Last year I also broached The Case of the Missing $20 Million Dollars:

According to a a Joel Sherman article, the Mets in 2017 had an Opening Day payroll of roughly $155 million.  Fans and media were then informed during the off-season the Mets would be slashing their 2018 payroll by $20 million.  Jeff Wilpon offered no detailed explanation other than to say the club desired to spend less money more wisely.  However, the underlying truth may have been revealed by Mike Ozanian of FORBES, when he wrote in a March 2018 article how Citi Field posted revenue of $168 million and net income of $75 million in 2016, then in 2017 generated revenue of $163 million and net income of $97 million.  Although they lost $5 million in revenue, they gained $20 million in net income.  But as Mike Ozanian puts it, the $97 million net income was goosed by a $28 million credit for Requisition of PILOT O&M credits (Payment In Lieu of Taxes/Citi Field bonds).  Simply put, they overpaid and received money back.  However, it's money they would not realize again for the 2018 season.  Considering Citi Field attendance dipped slightly from 2016 to 2017, it's my opinion ownership therefore tried hedging themselves to at least keep net income steady at $75 million.

I ask you, is this all coincidence or just my Mets imagination running wild?


On Jacob deGrom's contract extension:

Jacob's contract does not necessarily raise payroll insofar that his big money years kick in when Yoenis Cespedes' contract expires.  In the meantime, Jacob agreed to defer money and pair down his upcoming 2019 salary to $7 million.  Otherwise, Mets payroll entering Opening Day remains near the $150 million range, the same it's been more or less since 2017.


UPDATE: March, 29, 2019
FORBES: Citi Field Profits Fell 44% in 2018



Thursday, December 06, 2018

N.Y. Mets: Brodie and the Budget

From the desk of:  HEAD-BUTTING MR. MET


New York Mets: Not out of the woods yet, but light is beginning to shine through the leaves.

One of the major criticisms fans levy against ownership: the Wilpons can be swayed into spending money, they just do not spend wisely.

I knew the off-season would greatly test Brodie Van Wagenen's creativity.  After just two weeks on the job, it appears he's already passing with flying colors.  BVW reasoned upon acquiring Cano/Diaz how in past years the club too often tethered potential success with hopeful "if" scenarios; something Mets fans have been complaining about for years.  Only this time someone in the front office finally acknowledged it, and actually verbalized the corrosive effect it has had on fans.

We asked for change; we got change.  But due to ownership's continuing financial constraints, how many more changes either this year or next can we realistically expect? 

Ownership has never been forthright when it concerns club finances (so what else is new...).  As a result, they consistently leave themselves open to wide ranging speculation.  But there's obviously much more going on than meets the eye, behind the scene matters of which we're not privy.  In the meantime, I present this small sample of public information in order to somewhat reveal the club's current financial situation:

"When they say it's not about the money, it's about the money." - George Young, former general manager New York Giants.

Fred Wilpon and Saul Katz back in August of 2015 refinanced (over five years) the remaining roughly $700 million dollars of debt stemming from the Bernie Madoff implosion and post-recovery.  As such, the Mets/SNY-TV still owe lenders on average $140 million over each of the next two seasons.

In 2015, the year they won the pennant, the Mets drew 2,569,753 fans.  In 2016, they drew 2,789,602 fans to Citi Field.  After the season, Forbes reported Mets overall revenue rose 10%, to $167 million, up 43% over the previous season.

According to a June 2018 Bloomberg report, the $650 million in municipal bonds issued to build Citi Field were upgraded to slightly above junk status as Moody's Investors Service says investors can count on revenue from naming rights, sponsorship contracts, concessions, parking and premium seats.  The report points out that a little more than one-third of stadium revenue pledged to the bonds, about $60 million, comes from those sources, providing a very predictable cash flow.  The report goes on to say stadium costs are stable and debt service is level.

Rounded math says from 2016 through 2018 stadium revenue grew by roughly $20 million.  However, since 2016, attendance has dropped by over half a million.

For the moment, Baseball Reference lists the Mets 2019 projected salary commitment at $125.2 million.  Based on excitement created by the acquisition of Cano/Diaz, I'll assume Citi Field will experience a slight uptick in attendance, which theoretically should generate more revenue, perhaps achieving upwards of $190 million plus(?).  But once we add debt/bond payments, they're understandably cutting it really close. 

The Mets have just six players to speak of under contract: Robinson Cano; Yoenis Cespedes; Juan Lagares; Todd Frazier; Jason Vargas; and David Wright.  The only other people extracting large sums of Mets money are bankers.  Otherwise, the rest of the roster is populated by the arbitration proletariat.

Then there's the issue of recovered insurance, which is where the Mets can really put their money where their mouth is.  In the meantime, both Jeff Wilpon and BVW very recently reiterated more transactions are forthcoming.  Sounds promising, but I understand real financial flexibility is still about two years away.

"Brodie knows the parameters we're working with." - Jeff Wilpon

And so do we ... kinda.

*Attendance - Baseball Reference



Sunday, November 04, 2018

N.Y. Mets: The Four-Headed New World Order

From the desk of:  HEAD-BUTTING MR. MET

LIKE FATHER, LIKE SON

New York Mets: Meet the New Boss, Son of the Old Boss.

Ponder this if you will ...

Fred Wilpon never hired a general manager who he didn't previously know personally well.  Now his son is following in his footsteps.

On very good advice, Fred Wilpon and Nelson Doubleday upon purchasing the team in 1980 hand over their baseball operations to Frank Cashen.  By the end of his tenure in 1991, Cashen cultivates a crop of front office executives (Al Harazin, Joe McIlvaine, Jerry Hunsicker, and junior member Steve Phillips) that at the time become the envy of the league despite their growing reputation as notorious infighters.

Entering the 1992 season, Frank Cashen and Fred Wilpon promote Al Harazin (the least qualified of the lot) to the rank of general manager.  Angered at being passed over, both Hunsicker and McIlvaine leave the organization.  Jerry Hunsicker becomes general manager of the Houston Astros; Joe McIlvaine accepts the San Diego Padres position.  Fred realizes his mistake two years too late, and phones Jerry Hunsicker pleading for his return, but is rebuffed.  Fred then dials-up Joe McIlvaine, who agrees to rejoin the Mets and succeed Harazin as its next general manager.

After McIlvaine is fired, Fred promotes Steve Phillips, who in turn is responsible for bringing into the Mets front office fold Jim Duquette and Omar Minaya.  However, Minaya soon accepts the Montreal Expos' general manager position.  When Fred Wilpon fires Phillips, he turns to his lone remaining in-house front office executive, Jim Duquette.  However, his time in office is short-lived.  Duquette is replaced when Fred reverts to past practice, and dials up old friend Omar Minaya, who gladly returns to the Mets.

The main point to be taken away from all this is, familiarity.  Firing Omar Minaya ends Fred Wilpon's run of in-house general managers.  All Fred's previous hires are selections from house stock furnished by Frank Cashen and Steve Phillips, and he exhausts them all.  For the first time since purchasing the team and handing over operations to Frank Cashen, the Wilpons are forced to seek out a new general manager through their own volition.

After receiving professional consultation, both Fred and Jeff Wilpon conduct a rather ineffectual search that leaves them no closer to hiring a legitimate executive than when they first begin.  Not until Bud Selig intervenes by making Sandy Alderson (working for MLB in Dominican Republic) available do the Mets reconcile their front office.  I would also argue Alderson is more than just a friendly recommendation.  His primary function (IMO) is to keep MLB's National League club in an operational state while ownership attends to their unfolding financial calamity.  In any event, the Mets fruitless search for a general manager ends post haste.  What should have been a joint decision involving Fred Wilpon making his last hire, and Jeff Wilpon making his first general manager hire, turns out being neither.

Sandy Alderson stepping down this past summer due to health reasons puts the Mets back in the same situation they found themselves in 2010, only this time the way is finally clear for what will certainly be Jeff Wilpon's first effectual hire.

Before even formulating a list of potential candidates, Jeff Wilpon in no uncertain terms sets preconditions for the team's next executive.  Both he and Fred want Mickey Callaway back to start the 2019 season.  Jeff, meanwhile, prefers Omar Minaya, J.P. Ricciardi, and John Ricco, be retained as part of a greater front office enterprise.

This makes me wonder what right-minded, confident, and qualified executive of high regard (with a backbone) would accept such preconditions particularly coming from an ownership which promises autonomy, but who's reputation for being overly sensitive, reactive, and meddlesome, precedes them.  I also question Jeff Wilpon's decision regarding John Ricco's involvement through the first round of screening.

It's not unreasonable of me to say being general manager of New York City's National League club should be one of baseball's most highly sought out positions, but it's not.  Once the likes of Ben Cherington, Thad Levine, and Mike Chernoff express little to no interest, I sense the Mets are in big trouble.  The remaining list of candidates itself is not overly impressive: Gary LaRocque; DeJon Watson; Casey Close; Dave Littlefield; Kim Ng; Doug Melvin; Chaim Bloom; Brodie Van Wagenen; etc.

All the while an internal struggle is simmering between Fred and Jeff Wilpon.  Fred wants to hire an old school executive with a traditional background in scouting and development.  However, Jeff wants the Mets veering off in a new direction and catching up with 21st century analytics.  Ben Cherington was my main consideration, but I would have been agreeable with Kim Ng.  Her resume speaks for itself.  However, the list of candidates is whittled down to three finalists: Doug Melvin, Chaim Bloom, and Brodie Van Wagenen.  Melvin initially emerges as the favorite, but then is suddenly declared out of the running. 

That leads me to believe one thing: Jeff wins the tug-o-war with his father.  If you were unsure before, know this now: Jeff Wilpon is firmly in control of the New York Mets.  And I submit to you he is making the same mistake as his father.

At first glance, hiring Brodie Van Wagenen appears out of the box.  I beg to differ.  Above all else, Ben Cherington, Kim Ng, Doug Melvin, Mike Chernoff, Chaim Bloom, et al, are all unknowns.  They all also represent contrarian opinions and ideas.  Outside of Frank Cashen, hiring Van Wagenen is no different than Fred hiring Harazin, McIlvaine, Phillips, Duquette, or Minaya, because they were all friends to Fred first, and executives second.  Likewise, Brodie Van Wagenen and Jeff Wilpon are friends.  They've formed quite a relationship over the years.  That gives Van Wagenen a great personal understanding into Jeff (and his father).  Said another way, Jeff ensures himself of having a compassionate friend by his side.  Chaim Bloom would truly have been thinking outside the box.  But he's a stranger, and a contrarian.  Now we go from a three-headed monster, to a four-headed monster.  Lest we forget Jeff Wilpon's stipulations.

Never once did Fred willingly go out of his comfort zone.  Sandy Alderson was the lone exception.  By hiring Brodie Van Wagenen, Jeff Wilpon gets to remain in his.

Like father, like son.

The organization now moves forward according to Jeff's vision.


Friday, November 02, 2018

Meet the New Boss Metsian Podcast Special

From the desk of:  HEAD-BUTTING MR. MET


This is your mess now, Brodie.

A METSIAN PODCAST
with Sam, Rich, and Mike

Brodie Van Wagenen is Named 
13th General Manager in Mets History
Sam, Rich, and I offer three very different perspectives.


Sixty-Five Minutes






Willie McCovey
R.I.P.
1938-2018
"Stretch"

Other Stuff
Jeff Wilpon ~ Brodie Van Wagenen ~ Fred Wilpon
New Direction ~ Father vs. Son ~ The 18-yr old Baseball Man
Manny Machado ~ Bobby Bonilla ~ Bryce Harper ~ Kei Igawa
Frank Cashen ~ Joe McIlvaine ~ Steve Phillips ~ Omar Minaya
Catcher ~ Bullpen ~ First Base ~ Money Matters
The Four-Header Monster ~ one eff word ~ and more...!




Thursday, October 25, 2018

A Metsian Podcast Weighs-In on General Manager Candidates

From the desk of:  HEAD-BUTTING MR. MET



A METSIAN PODCAST
with Sam, Rich, and Mike

70 minutes



I said the eff word.  It just slipped out.
Thus we present you with our last effing word on the 
Mets continuing search for a new general manager.

STUFF
The future of the three-headed monster ~ did Jeff Wilpon throw Alderson under the bus?
review of general manager candidates ~ the process ~ those who rebuffed the Mets
the curious case of Kim Ng ~ Doug Melvin is out ~ agents as general managers
Father vs. Son ~ Fred vs. Jeff ~ Old vs. New ~ Scouting vs. Analytics
Brodie Van Wagenen ~ Chaim Bloom
Babe Ruth ~ Brooklyn Robins ~ 1916 World Series



Monday, October 01, 2018

A Very Metsian Podcast with Metstradamus and MetsMusings

From the desk of:  HEAD=BUTTING MR. MET



Sam, Rich, and I, present our
2018 End of Season Round Table 
Metsian Podcast
With Guests
and



An End of Season Round Table is worthy of two hours, no?
John Coppinger joins us for the first half-hour.
Gary Mack joins for the final 90-minutes.


STUFF
Cy Young closing arguments ~ David Wright Farewell
The season that was ~ report cards ~ this record vs. that record
Linus' blanket ~ throwing Sandy Alderson under the bus
phantom finishes ~ first base quagmire ~ Peter Alonso
organizational failures at second base ~ Jeff McNeil ~ Amed Rosario
my kingdom for a catcher ~ grading Mickey Callaway
Fred, Jeff, the front office, and the next executive
This is when Sam makes me blow not one, but two gaskets.