Fred Wilpon downplays Mets' money problems
Mets owner Fred Wilpon during spring training at Port St. Lucie, Fla. (Feb. 27, 2012) Credit: Alejandra Villa
PORT ST. LUCIE, Fla. -- Money, or the lack of it, is not a laughing matter for the Mets. But when asked about his financial status early Monday morning, Fred Wilpon tried to make light of their cash-strapped situation.
Speaking with reporters on the infield grass of Field 2, Wilpon reached into his front pocket and pulled out a loose roll wrapped on the outside by a $5 bill. The principal owner laughed, at which time a writer reached out to offer some loose change.
"We're OK," Wilpon said. "Obviously, I can't talk about anything like that in detail. I can't talk about the lawsuit, but that's proceeding, and we're proceeding with bringing in partners."
Wilpon seemed eager to give an update on the sale of minority shares, confirming that seven such partners have money in escrow as they wait for the Mets to add three more potential buyers.
Wilpon expects to have a total of 12 minority shareholders, including four to SNY and one each to his son Jeff and brother-in-law Saul Katz, who also holds the title of team president.
At roughly $20 million per share, that should raise almost $240 million for the Mets, and Wilpon is banking on that money to help retain control of the franchise.
As for the restless fan base, which watched the Mets slash their payroll nearly $50 million during the offseason, even Wilpon understands he might not be the most popular man in New York right now.
"They shouldn't be concerned about us owning the franchise because we intend to own the franchise for a very long time," Wilpon said. "Whether they're happy about that right now or not, I don't know. But don't forget, we cut a lot of payroll that wasn't producing. If you look at the payroll now, it's fluid. Many of the people that weren't producing are not here now."
Wilpon is right about that. Oliver Perez and Luis Castillo, neither of whom played in the majors last season, were paid $19 million by the Mets in 2011. The free-agent trio of Jose Reyes, Carlos Beltran and Francisco Rodriguez accounted for another $41 million in salary. The Mets made little effort to re-sign Reyes, however, and let the homegrown star jump to the division rival Marlins, who netted him with a six-year, $106-million contract.
Wilpon said it was "absolutely" the call of general manager Sandy Alderson to not bring back Reyes.
"Jose did what is best for Jose," Wilpon said before adding that it was a "baseball decision" and not strictly a financial one for the Mets. "Are we leery of six-year, seven-year, eight-year contracts? Yes. Is Sandy leery of it? You bet. Big-time leery of it.
"I don't want to criticize anybody else who's done something different. We did different, also, you know. And we were burned. It doesn't mean there won't be some player in the future that we think that we would do something with longer-term. But the history has not been very good."
Even with Reyes gone, Wilpon was noncommittal when asked about the long-term future of David Wright with the Mets. A year ago, Wilpon irritated his third baseman by saying he was "not a superstar." This time he suggested there is no sentimental attachment to Wright, who is signed through this season with a $16-million club option for 2013.
"My intention is always to follow what the baseball people say -- in spite of what you all say, that [ownership] is running the baseball department. Sandy Alderson has a great feel for this, so does Terry [Collins]. And if it works out, I would be thrilled. I think there's no finer guy. Any of us who are old enough to have him as a son would be proud to have him as a son."
Wilpon described the trimmed payroll and aversion to long-term contracts as "Sandy's view," in accordance with the GM's desire to gain more "flexibility" in certain areas. Wilpon also tried to downplay the significance that the clawback lawsuit brought by Madoff trustee Irving Picard has had on the team's operations.
"When I said three years ago that the Mets weren't affected by the Madoff thing, I was telling the truth because we weren't sued then," Wilpon said. "Then did it affect it? Sure."
He also said the team's financial situation is not connected to whether Citi Field will be named the site of the 2013 All-Star Game. He said New York City's finances are delaying that announcement.
As for potentially adding payroll, Wilpon replied: "I would tell you let's see how this team plays. Let's see what we need."
Later, when asked to quantify the Madoff effect, Wilpon said: "It started with a really big number out there and now -- I'm not minimizing it -- but it's a different number. So I think the next couple of weeks will tell. We'll see. I think things will become a lot clearer in the next months."
