The New York Mets have hired a financial advisory firm that’s well known for helping businesses navigate bankruptcy — but, the team insists, they’re not about to go under.
Lots of talk about CRG. To be clear: CRG’s services aren’t bankruptcy-related. There are no bankruptcy services being provided by anyone.—
New York Mets (@Mets) January 06, 2012
CRG Partners lists financial advisory work, restructuring and reorganization, and turnaround management as its special talents, according to the New York Times. Only 10 percent of its work took place in bankruptcy court last year.
The Mets have been in dire financial straits in recent years, largely because of owner Fred Wilpon’s role in Bernie Madoff’s infamous Ponzi scheme. The team is now pursuing a strategy of selling the team in small pieces to multiple minority owners.
The Mets lost an estimated $70 million last year. They responded by cutting large amounts of payroll in 2011 by trading Carlos Beltran and Francisco Rodriguez, plus allowing Jose Reyes to walk away in free agency, signing with the Miami Marlins.