The New York Mets may post a net loss of as much as $70 million this year after losing $50 million in 2010, Fortune reports.
The Major League Baseball team’s debt is almost $625 million, about $200 million higher than previously believed, Fortune said on its website, citing a potential minority investor who spoke on the condition of anonymity.
About $100 million of the liability includes money still owed to former players, including Bobby Bonilla, who last played for the team in 1999 and is owed $1.2 million annually through 2035, Fortune said.
“We will neither confirm nor deny the confidential details of any potential deals during the course of our ongoing negotiations for a sale,” the team said in an e-mailed statement.
The Mets’ owners, the Wilpon family, received a $25 million loan from Major League Baseball in November and are trying to sell a stake of between 25 percent and 49 percent in the team. They’re seeking to retain control of the franchise while covering losses and fighting a $1 billion lawsuit tied to the Ponzi scheme created by Bernard L. Madoff.