New York Mets Hire Turnaround Favourites CRG Partners
January 6, 2012
The New York Mets have hired CRG Partners Group LLC to aid them in their financial crisis.
The firm assisted fellow MLB side the Texas Rangers in their bankruptcy proceedings in 2010.
The Queens based side would not be drawn on what the partnership means for their own fiscal position, pills and Mets Owner has Fred Wilpon reiterated his belief that the club will not be sold.
A statement read, “Mets Limited Partnership engaged CRG Partners to provide services in connection with financial reporting and budgeting processes
The Mets have debts in exces of $500 million, and owe $25 million to Major League Baseball and $40 million to Bank of America Corp, whilst Wilpon himself is currently being sued by the trustee for Bernard L. Madoff’s defunct firm.
The club lost $70 million last season and have taken the decision to offer minority stakes to raise capital. They may close of first of these sales by the end of the month.
CRG transformed the fortunes of Texas Rangers post bankruptcy under the guidance of one of the firm’s managing partners, William Snyder. He crucially pushed for an auction to increase the price of the sale of the club, and the Rangers have since reached the World Series in the past two years.