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Mets May Have Difficulty Adding Payroll
One of the Mets' debt covenants states that the team's payroll cannot increase, sources told Josh Kosman of the New York Post. Kosman writes that given their current financial state, the Mets may not be able to go after the ace that they seek at the Trade Deadline.
There is mounting evidence that suggests that the club, saddled with roughly $700MM in debt, is not turning a profit. The Wilpon family continues to feel the sting of the Bernie Madoff-perpetuated Ponzi scheme, which cost them "hundreds of millions". Sources say that the team is losing about $10MM per season when factoring in interest payments and depreciation.
Unsurprisingly, sources also told the Post that Fred Wilpon will ultimately have to sell his beloved franchise if things do not turn around.
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