prilosec k kopen shuddha guggulu 20 mg online kopen clozaril kopen gent cozaar kopen usa mag je alli aan hond geven cleocin kopen curacao clonidine 100 mg kopen metoclopramide kopen dokteronline famvir online kopen in belgie van venlafaxine naar betapace strattera bestellen nl ervaringen ponstel bestellen later betalen bentyl via internet kopen remeron koortslip kopen diltiazem acne kopen waar kan ik arimidex kopen zonder recept echte motilium kopen allopurinol once kopen mag je motrin meenemen naar het buitenland goedkoop brahmi bestellen imitrex bestellen creditcard pilex pillen kopen in rotterdam erythromycin geven aan hond keflex kopen waar quibron-t kopen in leiden seroquel kopen nederland extra super levitra voor vrouwen kopen generieke clonidine kopen snel allegra kopen lanoxin spray kopen hydrea kopen met acceptgiro anoniem ponstel bestellen flomax kopen internet waar kopen jullie tenormin furosemide kopen zonder recept in nederland erectiepil differin kopen panmycin kopen 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ik veilig fucidin kopen afbouwen acivir pills van 20 naar 10 mg hoe zenegra geven aan baby mentat kopen bij apotheek belgie triamterene codeine kopen nederland veilig lasix kopen diflucan goedkoop kopen betrouwbare saw palmetto bestellen apcalis sx per stuk kopen codeine cytotec kopen abilify resinat kopen valtrex nakuur kopen retin a super avana 0 025 gel kopen ervaring met sominex bestellen prednisone kopen en afhalen ervaringen suprax bestellen maxalt kopen emmen tinidazole kopen in engeland finax kopen den haag rumalaya liniment 1 shampoo kopen zonder recept prevacid kopen allergisch aan motilium waar kan yasmin kopen bestellen rumalaya forte nl betrouwbaar oxytrol kopen online goedkoop cipro kopen in griekenland overgaan van paroxetine naar prinivil innopran xl bestellen goedkoop norvasc kopen nijmegen ditropan 100 mg slaat niet aan dostinex kopen in eindhoven goedkope floxin online bestellen torsemide slaat niet aan wat nu ashwagandha 40 kopen lincocin cialis kopen van paroxetine naar sertraline waar kan ik lady era kopen in rotterdam vrouwen astelin kopen kan ik extra super avana bij de apotheek kopen goedkoopste remeron bestellen eulexin bestellen rembours alavert kopen spanje zyvox super active kopen hoe aan eulexin komen goedkoopste prednisone bestellen waar goede temovate bestellen zofran met codeine kopen alli meenemen naar thailand bystolic 20 mg kopen alesse tabletten kopen zonder recept lopid 100mg kopen van zetia naar venlafaxine sumycin zetpil kopen waar kun je het beste micronase kopen emsam anoniem bestellen ervaringen met aricept kopen coreg kopen apotheek kan ik eldepryl kopen zonder voorschrift detrol kopen haarlem slimex rotterdam kopen accutane 100 mg slaat niet aan v-gel diclofenac kopen brahmi oral jelly kopen in belgie waar kan ik glycomet pillen kopen levothroid dht kopen mag je viramune aan hond geven unisom kopen emmen benzac kopen enschede zyprexa in turkije kopen actavis codeine chloromycetin kopen kamagra gold kopen apotheek nederland calcium carbonate kopen kruidvat tadalis sx kopen turkije ervaring met coreg bestellen himplasia goedkoop betrouwbaar desyrel kamagra kopen ditropan 500 mg kopen hoodia bestellen zonder recept in nederland overstappen van bystolic naar paroxetine trileptal kopen waar suhagra kopen in utrecht cialis extra dosage jelly kopen amsterdam noroxin kopen zonder recept belgie van citalopram naar imuran finpecia kopen in breda kan je kemadrin bij apotheek kopen waar goede rumalaya gel kopen retin-a pil kopen zyban bestellen zonder voorschrift van citalopram naar femara geriforte syrup kopen haarlem aygestin zelf kopen proventil anoniem kopen waar kan ik veilig alavert kopen pcos duetact slaat niet aan yasmin kopen in portugal amoxil bestellen goedkoop npxl puffer kopen advair diskus oral jelly kopen amsterdam allopurinol kopen in duitsland betrouwbare kamagra chewable bestellen lotrisone azitromycine kopen waarom slaat viagra jelly niet aan bestellen abilify nl ervaringen zetia bestellen zonder recept vrouwelijke doxazosin kopen clindamycin 150 mg kopen nimotop kopen pattaya duetact super active kopen amantadine kopen belgie requip kopen met recept viagra professional kopen in spanje sinemet kopen bij drogist cefadroxil slaat niet aan otc drug norvasc amantadine kopen apeldoorn illegaal levitra kopen fml forte kopen hilversum shuddha guggulu bestellen achteraf betalen trandate pleister kopen goedkope keflex kopen zonder recept depakote 50 mg slaat aan cardura kopen beverwijk zofran bestellen waar allopurinol antibiotica kopen astelin kopen apotheek eu femara slaat aan maar niet zwanger antivert 40 mg kopen gyne-lotrimin 20 kopen waar kopen jullie nicotinell peni large vandaag bestellen morgen in huis robaxin online kopen ideal ervaring met protonix bestellen legaal rumalaya liniment bestellen erectiepillen buspar kopen cialis soft kopen venlo waar kan ik extra super avana kopen in belgie zetia sandoz 120 mg kopen waar het beste nitrofurantoin bestellen waar kan je zenegra kopen exelon kopen buitenland extra super avana zonder recept kopen waar kan ik toradol kopen in belgie kan ik topamax zonder recept kopen claritin tabletten kopen cabgolin misoprostol kopen arcoxia kopen haarlem vrouwen lanoxin bestellen saw palmetto kopen arnhem shuddha guggulu acne kopen kamagra oral jelly 40 kopen antibiotica nizagara kopen benfotiamine kopen onder rembours van seroxat naar quibron-t van seroxat naar hyaluronic acid acticin kopen in nederland zonder recept hoe aan bupropion komen goedkope proventil kopen provera mylan kopen naltrexone bestellen in het buitenland bestellen shallaki nl ervaringen goedkoop rumalaya liniment in nederland viagra plus kopen in engeland kun je flomax bij de drogist kopen lopressor jelly kopen amsterdam rumalaya liniment alcohol kopen bentyl online kopen ideal waar betrouwbaar quibron-t kopen snel penegra bestellen levothroid instant kopen overstappen digoxin naar venlafaxine super avana kopen gent amantadine kopen limburg kopen van duphalac kytril kopen onder rembours glucotrol xl kopen gelderland plavix meenemen naar het buitenland female viagra kopen enschede augmentin kopen in pattaya actonel mondspoeling kopen vantin 800 mg black kopen forum zoloft kopen ik wil arava kopen originele viagra super active kopen ervaringen met sinequan kopen herbal clindamycin kopen zyprexa kopen in antwerpen cytoxan jelly kopen altace vandaag bestellen morgen in huis chloramphenicol bestellen bij apotheek micardis inhaler kopen imuran super active kopen cardizem kopen winkels fucidin kopen in nijmegen keflex 40 kopen paroxetine naar sinequan ginseng oral jelly kopen in belgie goedkoop flagyl er geriforte pillen kopen kruidvat overstappen rumalaya liniment naar venlafaxine waar veilig diclofenac gel kopen bestellen eurax kortingsbon van sinemet naar efexor aceon azitromycine kopen peni large bestellen zonder voorschrift methotrexate 150 kopen minomycin kopen etos overstap citalopram naar flomax finasteride avodart kopen rumalaya gel kopen online goedkoop goedkope malegra fxt online bestellen penegra spray kopen plaquenil shampoo kopen nederland quibron-t puffer kopen waar femara te kopen actavis codeine female viagra kopen diovan kopen helmond vermox kopen in amsterdam kan je lotensin bij apotheek kopen deltasone shampoo kopen ayurslim kopen winkel amsterdam seroflo 150 kopen echte metformin kopen geriforte syrup kopen gent legaal dostinex kopen female viagra kopen alkmaar precose cobra kopen rumalaya forte amsterdam kopen gyne-lotrimin 100 mg slaat niet aan betnovate kopen pakjegemak kan ik femcare kopen bij de drogist mag je levothroid meenemen naar het buitenland advair diskus sandoz kopen saw palmetto inhaler kopen kamagra polo 10 mg kopen waar kun je het beste himplasia kopen brand advair diskus zetpillen kopen betrouwbare arimidex bestellen bupron sr kopen via apotheek benadryl kopen ideal terramycin bestellen met acceptgiro acticin kopen in pattaya olanzapine kopen den haag nakuur bactroban kopen inderal geven aan hond natuurlijke mestinon kopen tenormin 10 mg kopen lamictal forte kopen pristiq van 60 mg naar 30 mg xalatan bestellen veilig desyrel jelly kopen bactrim kopen in de apotheek strattera tabletten kopen van kamagra super naar eskamagra super olanzapine kopen bij etos hoe geef ik antabuse aan baby mag je confido geven aan een hond vrouwelijke desyrel bestellen metformin online kopen ervaringen emsam kopen in pattaya kamagra super 25 mg kopen lioresal online kopen ideal cialis extra dosage snel bestellen aristocort kopen in turkije ervaringen bestellen metoclopramide nl accutane kopen legaal kamagra soft pillen kopen kruidvat anacin en kamagra kopen atarax kopen dokteronline suprax kopen op de wallen lotrisone puffer kopen danazol kopen met creditcard generic flagyl er kopen ik wil tegretol bestellen veilig online diovan kopen wellbutrin kopen 1 tablet kamagra soft kopen winkel amsterdam nexium 150 kopen pfizer nizoral kopen atorlip kopen particulier rumalaya liniment kopen in haarlem viagra plus rotterdam kopen waar kan ik veilig trial erection packs 1 bestellen hyaluronic acid aan een vrouw geven amaryl alcohol kopen desyrel bestellen kopen slimex 40 kopen lanoxin emulgel kopen micardis kopen in leiden lynoral bestellen zonder recept pfizer cytotec kopen suhagra kopen in engeland celadrin emulgel kopen zyvox 10 mg kopen in nederland erexor bestellen zonder recept in nederland afbouwen shatavari van 20 naar 10 mg waar goede clozaril bestellen procardia kopen helmond generieke olanzapine kopen belgie natuurlijke diflucan kopen generische femara kopen roxithromycin kopen legaal proscar voor mannen kopen calcium carbonate in turkije kopen npxl pfizer kopen remeron kopen kruidvat prednisolone waar bestellen brahmi tabletten kopen zonder recept bentyl condoom kopen chloromycetin aan een vrouw geven v-gel kopen in buitenland v-gel kopen winkels eldepryl diskus kopen zonder recept olanzapine overgewicht olanzapine bestellen chloroquine iv naar oraal differin tabletten bestellen zonder recept hoe aan dutas komen cialis super active nakuur kopen hoe cardura geven aan baby waar celexa kopen forum voveran ijs kopen micronase acne kopen depakote kopen apotheek eu rumalaya gel boilies kopen desyrel codeine kopen kan ik alli kopen zonder voorschrift ervaringen met cephalexin kopen actoplus met kopen zonder recept lipothin geven aan baby generische bupropion kopen malegra fxt plus kopen in alkmaar erectiepillen malegra fxt kopen brand viagra 15 mg kopen levitra jelly kopen buitenland naltrexone bestellen zonder voorschrift metoclopramide kopen turkije phexin kamagra kopen kan ik albenza kopen bij apotheek confido emulgel goedkoop voveran kopen in thailand phenergan waar kopen ervaringen vermox kopen ashwagandha meenemen naar buitenland van benicar naar efexor temovate zalf bestellen forzest nu kopen hydrea orlistat kopen waar kan ik goedkoop fucidin kopen ponstel kopen marktplaats serpina mee naar thailand legale cialis extra dosage kopen benzac vloeibaar kopen levitra jelly nakuur kopen brand amoxil 500 mg kopen clonidine kopen pattaya vytorin oogdruppels kopen proscar kopen in den haag plaquenil kopen forum colchicine pil los kopen exelon 20 mg kopen lamictal kopen helmond minocycline sandoz 120 mg kopen aleve professional kopen duphalac in duitsland kopen allopurinol kopen in pattaya glucotrol xl met codeine kopen waar kan ik omnicef kopen in rotterdam zovirax kopen pfizer kopen van aceon prometrium 100 slaat niet aan waar cytoxan kopen forum vloeibare voveran kopen diflucan kopen per pil cyklokapron gel kopen atorlip kopen discreet proscar kopen veilig trazodone meenemen naar egypte anacin kopen in arnhem protonix overgewicht protonix bestellen waar kan ik amitriptyline oral jelly kopen toradol kopen in belgie zenegra kopen apotheek belgie singulair zelf kopen generieke moduretic goedkoop tadacip overgewicht tadacip bestellen fucidin kopen nijmegen colchicine bestellen kopen trandate kopen amsterdam tulsi sleep pfizer kopen tadalis sx nakuur kopen inderal cialis kopen waar kun je het beste digoxin kopen overstappen isoniazid naar sertraline waar goede tegretol bestellen zonder recept viagra plus kopen kun je levitra soft bij de apotheek kopen online adalat kopen ginseng goedkoop carbozyne kopen in thailand illegaal viagra professional kopen saw palmetto 120 mg kopen betrouwbaar online omnicef kopen levitra jelly nu kopen eldepryl jelly kopen amsterdam premarin novartis kopen diovan bestellen nl ervaringen advair diskus 50 mg slaat aan buspar baby kopen serophene van 10 naar 20 mg veilig tretinoin kopen himplasia kopen gent voveran kopen alkmaar elavil kopen particulier aygestin meenemen naar buitenland cardura 5mg kopen terramycin kopen afhalen famvir kopen in belgie apotheek citalopram kopen in amerika brand cialis 2 kopen mobic iv naar oraal eldepryl zalf bestellen noroxin pillen kopen in rotterdam mag je nizagara aan hond geven zyprexa codeine kopen brand viagra 25 mg kopen lozol voor 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Pete Toms Article Archive
Written by Pete Toms   
Monday, 02 August 2010 10:32

Last Week in Bizball by Pete Toms

This week in “Last Week in BizBall”, Mets update, plus the weekly tidbits

AN UPDATE ON THE METS (MADOFF, DEBT RESTRUCTURE, MORE)

Speculation around the financial well being of the New York Mets began as soon as it was revealed that owner Fred Wilpon was a client of Bernard Madoff. Conjecture about the Wilpon family’s ability to retain ownership of the franchise abated in October when the bankruptcy trustee charged with recovering funds for investors reported that Mets LP (a team affiliate, the Mets are owned by Sterling Equities) withdrew close to $50 million more from Madoff’s firm than it had invested. The Mets relationship with Madoff was in the news again LWIB due to a lawsuit over alleged losses suffered by retirement plan participants at Sterling Equities. Jonathan Stempel reported for Reuters, “The complaint filed Friday in Manhattan federal court said Sterling invested $16.2 million, or 92 percent, of the 401(k) plan's $17.6 million of assets with Madoff.” The filing of the lawsuit reignited the media speculation surrounding the state of the Wilpon empire. Andrew Marchand wrote for ESPN, “The suit dredges up the biggest issue hanging over this franchise, and until the Wilpons either clear up everything with their actions or sell the team, these questions linger: What exactly is the financial state of the team? And how is that affecting what fans are seeing year in and year out?”

Sports pundits were quick to lump together the lawsuit over alleged mismanagement of the 401(k) plan with the Mets diminished attendance this season (2010 avg. approx 33,700 compared to the 09 season end avg. of almost 39,000), their failure to bolster their roster for a playoff run during a July collapse plus the challenges the Wilpons face with their real estate empire to conclude that the Mets are in a financially tenuous position. But is the Mets situation as dire as many think? LWIB the SportsBusiness Journal reported that ratings for Mets games on their RSN (SNY) are up almost 2% this season. As well LWIB, a different SportsBusiness Journal report outlined how SNY is borrowing money to pay dividends to the RSN’s investors. Whether that reflects negatively or positively on the state of the Wilpons is open to interpretation.

SportsNet New York, the New York Mets-controlled regional sports network, is borrowing $450 million, more than half of which will flow to the channel’s investors as dividends, sources said.

AND

SNY launched in 2006 with Comcast and Time Warner as minority partners, sidestepping the distribution issues YES and the New York Yankees encountered in that network’s first years. SNY borrowed $200 million in 2007, largely to pay back startup costs fronted by the investors and the Mets, the sources said. That debt is being refinanced as part of the larger transaction. Of the remaining $250 million, $239 million will go out in dividends; the reminder is for fees, the sources said.

AND

The distribution to the Mets might stoke further speculation that the team is in need of funds after the club’s owner, Fred Wilpon, lost substantial sums in the Bernie Madoff investment scandal, but it is not uncommon for a core team to lose money but see profits generated by its RSN. The Yankees, for example, lose money as an individual franchise but more than make up for it through YES, which in 2008 executed a more than $1 billion financing.

As recently as a few months ago, the Mets ability to refinance $375 million of debt was perceived as evidence that the Wilpons were in a much healthier financial state than many pundits believed. Daniel Kaplan reported for the SportsBusiness Journal in May, “The New York Mets holding company is close to refinancing $375 million of debt, sources said, underscoring that despite the team’s troubles at the gate and concerns about the franchise’s owners, the Wilpon family, having lost money in the Bernie Madoff investment scandal, the club continues to perform well financially.” A June report in SportsBusiness Journal indicated the Mets refinancing included more onerous terms for the club than has previously been the norm for owners in MLB. The role of MLB in attempting to force lenders of Hicks Sports Group to approve of the sale of the Texas Rangers is cited as a factor behind the “extra guarantees” in the Mets new loan.

The New York Mets completed a refinancing earlier this month that, according to sources within the deal, required the owners to put up more personal collateral than they wanted.

“They did not [reduce] the price. Thanks, Rangers,” said one banking source in the deal who requested anonymity because of the confidential nature of the Mets loan. “And they restructured it to decrease the holding company portion and put significant [Fred] Wilpon and [Saul] Katz guarantees on the holding company.”

The New York Mets are positioned to be a financial powerhouse in MLB. They are one of two MLB franchises in the best baseball market in the world. In recent years they have added the two crucial revenue generators that separate the wealthy from the less wealthy in MLB, the club owned RSN (in MLB’s best TV market) and a new stadium. (Which includes a $400 million naming rights deal with CitiBank) As for the Wilpons….who knows?

THE WEEKLY TIDBITS

  • LWIB, John Ourand of the SportsBusiness Journal provided a snapshot of local and national TV ratings do date this season in MLB. The most talked about aspect of the report was the news that the Red Sox’ local TV ratings are down 36% over last season. The Red Sox rank fifth in local TV ratings after having led MLB in local numbers every season since 03. Nationals local TV ratings have jumped 140% this season and Rays ratings are up 70% to place them seventh overall. Illustrating the enormity of the NYC TV market, the Yanks and Mets rank twelfth and sixteenth respectively in ratings but rank first (328,000) and second (244,000) in average number of households tuning in. Ratings are up over last season for 16 teams. Numbers were not available for Blue Jays games but the Toronto media has been reporting strong ratings throughout the season. National numbers for Fox, ESPN and Turner have all been relatively flat.
  • Are the Yankees readying to relocate their Triple A franchise from Scranton-Wilkes Barre? Are the Yankees and Mandalay Baseball readying to buy the SWB franchise? Seems the local stadium authority is at odds with the Yankees and Mandalay Baseball over which side should be on the hook for renovations to PNC Park. Ballpark Digest provides details.

Here's the deal. The Multi-Purpose Stadium Authority still owns the SWB Yankees. But the 2006 agreement that saw Mandalay and the New York Yankees take over management of the team and the ballpark -- an agreement that saw both put some serious money into PNC Field and team operations -- also gave the pair the right to buy the franchise down the road for $13 million, which is quite a bargain for a Class AAA team. It also, claimed the pair, committed the authority to build a new ballpark or renovate the existing one, though the provenance of that part of the deal is somewhat fuzzy.

AND

Which is why we're probably headed to some sort of showdown in Scranton/Wilkes-Barre. It's a good, but not great Triple-A market, as the team isn't drawing that well (4,515 per game, second to last; only the Charlotte Knights draw worse). There are other markets in the International League footprint that would love to see Triple-A ball, and if Mandalay and the Yankees pull off a purchase of the team with no improvements coming to the ballpark, they'll probably have carte blache to see a new market: what town wouldn't love to host the Yankees' top farm team?

  • This being an even numbered calendar year, many Player Development Contracts between MLB franchises and their minor league affiliates are up for renewal. In the short term, it appears the Yankees and SWB will remain partners as their PDC expires in 2014. LWIB Josh Leventhal compiled an updated list on the status of PDCs for Baseball America, see it here.

“Last Week in BizBall” will return August 16.


Pete Toms is senior writer for the Business of Sports Network, most notably, The Biz of Baseball. He looks forward to your comments and can be contacted through The Biz of Baseball.

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