Perhaps you missed this one on July 4th, I sure did. Â I struggled with what to title this one, so let me set the tone with a quote from the article:
Investment bankers who sell sports teams believe the Amazin’s owners, the Wilpon family, are so cash-strapped that they will have to sell the Flushing franchise if the team has a losing season or two and attendance falls.
I’m no finance guy, so I will leave it to others to interpret but according to the Post:
- The franchise is losing $10 million a year.
- Attendance is on pace for 2.6 million (we knew that)
- SNY is profitable but “owes money equal to roughly six times its earnings before interest.”
I’m not sure how much of this was new or why it popped up yesterday, but it’s a fairly strongly worded article.
As I have said before, I would fear new ownership. Â There’s another millionaire family in these parts that needs cable programming….ask some Knicks and Rangers fans if they’d like to have the Wilpons buy the garden.
Unless Howie Rose wins Lotto, I’ll stick with what we’ve got.
Read more about this in the Post, definitely worth the look.