The Mets' debt is actually close to $625 million, according to a report in Fortune.
The magazine, quoting an anonymous source, says bank debt totals $430 million. But the report also refers to $100 million in "contingent liabilities" -- obligations such as annual $1.1 million payments to Bobby Bonilla for 25 years beginning this summer and $250,000 payments to Bret Saberhagen through 2029.
The report adds:
The source adds another $70 million to the team's overall liabilities to cover this year's losses. The Mets lost $50 million in 2010 and are projected to lose $60 million this season. But they've already seen an 11% decline in attendance this year, which makes it likely that the team will lose closer to $70 million. Part of the franchise's annual obligations is an annual $50 million municipal bond payment for financing Citi Field -- these payments come from Queens Ballpark Company, a "wholly owned subsidiary of the New York Mets," according to the Sterling Equities website.