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The Mets have hit a financial iceberg. They are sinking fast.
Just by the way they have done business this winter, it is clear the Wilpons have cash flow problems with the team, as a result of the Bernie Madoff mess and the weight of the crushing lawsuit filed in December by Irving Picard, the trustee for the Madoff investors. Sterling Equities, the company that operates the Mets, could be on the hook for as much as $1 billion, according to one report.
Fred Wilpon announced yesterday that he is looking to sell up to 25 percent of the franchise to bring a cash infusion to the team.
Why stop there? The Wilpons need to sell at least 50 percent of the team and bring in equal partners, like they once had with Nelson Doubleday.
They need to have co-owners with a vision of victory. They should do that or they should sell the entire team. This 25-percent stuff will not cut it.
The way the Wilpons are doing business now is not the way to win in New York. This is a big-market city and it needs to be played in a big-market way. This isn’t Pittsburgh. The Mets need to step up to the plate in a major-league manner, and they can only do that if they have the big money.
When you start throwing around terms like “adding strategic partners,” there are big problems ahead. This year will mark the 25th anniversary of the 1986 world champion Mets, their second and most recent title.
So far this winter, the Mets committed $8.1 million to signings. They repeatedly said the Madoff situation has had no impact on how they run the team. That all changed with yesterday’s hornets’ nest announcement.
The Mets are dumpster-diving for pitchers when they should be going after the best talent available. While the Phillies signed Cliff Lee, the Mets are picking up every post-surgery pitcher they can find, hoping a few stick against the wall of success.
Jose Reyes, the most talented player on the team, will be a free agent after the 2011 season, but there have been no signs the Mets will re-sign him. You can only hope general manager Sandy Alderson will fall head over heels for Reyes once he gets to see him play every day, but even if he does, considering the Mets’ financial woes, will they go the extra mile to sign Reyes?
There’s no doubt the Wilpons want to make this work. And as much as people criticize Jeff Wilpon for his meddling, he does have a passion for the game and a passion for ownership. He really wants to succeed. But if the Wilpons don’t have the money to play this game, why even be in it?
You’re either all in or you’re out.
Over in The Bronx, Hal and Hank Steinbrenner are all in, so much so that they gave closer money to an eighth-inning reliever. They were itching to spend money. The Mets aren’t even in the same league now, despite what their payroll has been in the past.
Selling 50 percent of the team would bring a fresh ownership voice and plan to the Mets. Believe me, there are plenty of people who wish they could get their hands on the Mets if they were considered equal partners.
This is supposed to be the most optimistic time of the baseball season. Teams are getting set for spring training. It won’t be long before the players are working out in the Florida sun with palm trees in the background, but there is a constant ownership cloud over the Mets. How much can a Mets fan take?
SNY has been a super success for the Wilpons, yet with even all that TV money, they still need to find “strategic partners” to make this work. It’s one big mess.
Consider this an ownership intervention. The Wilpons need to get an equal partner, or they need to get out.
kevin.kernan@nypost.com