Do I Hear A Bid of One Billion Dollars … ?
Well we are all aware that David Einhorn the New York hedge fund manager and founder of Green Capital Investments has invested $200 million into the cash starved and financially strapped New York Mets . Now along the way we have all read about the problems of the organization and the fact that the team’s well the two most prominent owners team are now defendants in the ongoing case as the plaintiffs in the Bernard Madoff Ponzi scheme scandal seek as much as $1 billion in punitive damages from Saul Katz , Fred Wilpon , the New York Mets and Wilpon’s investment company Sterling Equities Inc . With that in mind I’d like to think that Einhorn and his lawyers were given some sort of guarantee that his investment is in fact safe , given the fact that the case against the defendants would appear to very strong. The plaintiffs’ lead attorney Irving Picard remains steadfast in his belief that the defendants are guilty and knowingly hid these funds having been made aware that as recipients of the funds from Madoff , this all from a fraudulent and felonious act. I’m not so sure that when it’s all said and done the Mets as an organization will be the ball club in its present guise that will be around . There is a very strong possibility that should the judge presiding over this hearing rule in the defendants’ favor after all of the evidentiary facts , we could very well see the organization seeking bankruptcy protection.
I was once told by a patron that bankruptcy doesn’t necessarily mean doom and gloom for a franchise . Somehow I don’t think that this individual knows what actually comes about in such a situation for the franchise given the fact that creditors aren’t always willing at first to renegotiate their debt for pennies on the dollar . For me however , I simply look at the Mets as an organization whose owners and front office over the last few years have become complacent , clueless and completely inept ! And although there has been an upheaval in the front office with Sandy Alderson , team President and EVP J P Ricciardi being brought in to oversee all personnel and roster moves in all aspects of the player personnel decisions. And given the overwhelming belief that this team has underperformed this season it is easy understand why the New York Mets are viewed a monumental laughing stock around MLB. Terry Collins was brought in as the Mets’ manager having succeeded Jerry Manuel whose managerial style bordered on sheer ineptitude .
Slide show gallery for your perusal .
I’ve no doubt that at the end of the day this organization will either sink or swim by the decisions made of which much of it was brought on by their own actions . At 39-39 within the NL East and already some games behind the division leading Philadelphia Phillies I now feel that there’s no chance of the team actually competing within the division , much less winning it or possibly gaining a wildcard berth . And given the proclivity of this team to simply implode at the most inexplicable of moments it’s easy to understand why Wilpon was so vehemently critical of players such as Jose Reyes , Carlos Beltran and David Wright . A trio of overpaid, alleged superstars who between them have contributed little by way of success this season or seasons past . If nothing else given the fact that of the investment made by David Einhorn I am not so sure that he’ll get an entirely acceptable return on his investment.
Consider the idiocy however concerning not only of the Mets’ organization but the capricious nature of New York City Mayor Michael Bloomberg and the very fact that he cajoled the city commission in voting for a $2.355 billion bond issue that financed the building of Citi Fied (and Yankee Stadium ) an edifice that for much of this season has been half filled through much of the home games played at the venue . Built at a cost of over $755 million I can’t help but wonder what gave Bloomberg or the New York Mets the impression that building this monstrosity would equate with any future success for the organization Mets ! But this is merely a harbinger of the idiocy and corrupt practices that now takes place within the game all under the nose and suborned by Bud Selig , baseball’s hierarchy and the team owners within the game.
Here’s a question I would pose you now if you were a wealthy financier or entrepreneur and $ 1 billion at your disposal would you take it upon yourself to invest in a professional sports franchise and if so which particular sport would that investment be in ? Would it be within MLB , the NFL , NHL , MLS or NBA for that matter ?
Each of the four major sports face their own difficulties given the variables of economic climate but in large part the hierarchies of MLB, NBA , NFL and NHL along with the respective owners have never really shown enough foresight to actually plan expediently for the future. The NBA now faces a work stoppage that in large part can be avoided but given the fact that NBA Commissioner David Stern likes grandstanding and playing to the media , I think that the league and the hierarchy are in for a rough time ahead as they seek an accord before the expiry of the existing collective bargaining agreement on the 30th June , 2011 . The team owners along with the league hierarchy will steadfastly stand by the fact that they will seek concessions from the NBPA headed by Executive Director Billy Hunter and union President Derek Fisher .
Should there be a stoppage within the NBA and it becomes as litigious as the impasse now in evidence between the NFL and NFLPA then any thought of the 2011-12 season starting on schedule in September could end up being wishful thinking on the part of the NBA fan. It is clear that neither side wants to be the first that backs down and I have no doubt that the executives of the teams will be working behind the scenes also to make sure that they can do their utmost in conjunction with the league to stave off any thought of a stoppage.
As for the NHL even with the fact that they just had an exhilarating Stanley Cup Finals between the Vancouver Canucks and Boston Bruins . The aftermath of the Bruins’ game seven victory and the city of Vancouver erupted into violence, with fans rioting , 150 injured victims and some 100 arrests. But what might be even more unbelievable were the multi million dollars’ worth of damage caused by the rioters. The city’s police Chief Jim Chu states that the cause of these riots weren’t due to the loss by the Canucks but simply due to the fact that these were individuals looking to take advantage of an event to loot and riot. Nonetheless, it will still be viewed as something of a black eye for the game and in particular the city of Vancouver and the team .
Hockey itself has come a long way from its own self inflicted wounds stemming from their lockout . Financial mismanagement and sheer ineptitude being shown by the league hierarchy led by NHL Commissioner Gary Bettman still hasn’t brought the sport back to the visibility it once had. Viewership is still down but at the same time attendances are still up at a number of franchises around the league . Teams are now back to their old ways of conducting business , wherein we have seen being offered exorbitant contracts but yet somehow a number of owners simply wanted to have the best talent on offer and rewarding the players with such extraordinary offers that most teams could ill afford to pay. I won’t lambast a sport that I have little if any interest in because from a financial standpoint I believe that Bettman and the owners are still struggling to find a firm financial footing and given the proclivity there for simply tripping over their own bootlaces , the less now said about the NHL , the better !
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Alan aka tophatal …………… https://tophatal.wordpress.com
In terms of the points raised within this piece what thoughts if any do you have ? Simply chime in with a comment as you deem fit .
Picture and slide show details below .
(1) New York Mets’ Jose Reyes, right, scores along with Mets’ Angel Pagan on a two-run RBI single by teammate Carlos Beltran in the second inning against the Texas Rangers in Arlington, Texas on Sunday, June 26, 2011. AP Photo/Star-Telegram, Ron T. Ennis ……
(2) Texas Rangers manager Ron Washington, right, yells at home plate umpire Andy Fletcher after being ejected from the game during a baseball game against the New York Mets in Arlington, Texas on Sunday, June 26, 2011. AP Photo/Star-Telegram, Ron T. Ennis ……
(3) ARLINGTON, TX – JUNE 26: A detail view of the field during the game between the against the Texas Rangers and the against the New York Mets at Rangers Ballpark in Arlington on June 26, 2011 in Arlington, Texas. Photo by Rick Yeatts/Getty Images ….
(4) Daniel Murphy (28) of the New York Mets get tagged at second base by Ian Kinsler (5) of the Texas Rangers at Rangers Ballpark in Arlington on June 26, 2011 in Arlington, Texas. (Photo by Rick Yeatts/Getty Images) *** Local Caption *** Ian Kinsler;Daniel Murphy ……
(5) Fred Wilpon, General Manager Sandy Alderson, New York Mets new manager Terry Collins, Jeff Wilpon and Saul Katz pose for pictures during a press conference at Citi Field on November 23, 2010 in New York, New York. Getty Images North America / Chris McGrath …..
(6) David Einhorn, part owner of the New York Mets, watches the game against the Philadelphia Phillies at Citi Field on May 28, 2011 in the Flushing neighborhood of the Queens borough of New York City. Chris Trotman/ Getty Images North America ……