In response to a report that the Mets had hired the same consulting firm that handled the Texas Rangers' bankruptcy, the Mets issued a statement confirming the company had been retained but disputing that reasoning.
“Mets Limited Partnership engaged CRG Partners to provide services in connection with financial reporting and budgeting processes," the statement read.
Sandy Alderson did reiterate Thursday that he believed some minority investors purchasing $20 million shares should close on sales this month, so it's hard to believe the Mets are imminently headed to bankruptcy. That cash infusion, assuming it's genuine, should get the Mets through 2012 barring a catastrophic Bernard Madoff-related trial result.
Anyway, here's the news story on the latest development:
The financially troubled New York Mets have hired CRG Partners, the consulting company that handled the bankruptcy of the Texas Rangers.
The Mets, however, indicated that retaining CRG Partners’ services should not imply they are headed down the same bankruptcy path.
“Mets Limited Partnership engaged CRG Partners to provide services in connection with financial reporting and budgeting processes,” the organization said in a statement.
CRG Partners’ web site indicates it helps distressed companies. The Mets have in excess of $500 million in debt, including a recent $40 million bridge loan from Bank of America and a $25 million loan from Major League Baseball that has yet to be repaid.
The company’s web site reads: “In times of unprecedented economic change, organizations are facing unique and daunting challenges. CRG Partners works with organizations to address these challenges, resolve complex problems and significantly improve operating performance.”