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Mets Hire Turnaround Company CRG Partners, SBNation.com Reports

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Jan. 6 (Bloomberg) -- The New York Mets hired CRG Partners Group LLC, which assisted the Texas Rangers in their bankruptcy proceedings in 2010, SBNation.com reported.

“Mets Limited Partnership engaged CRG Partners to provide services in connection with financial reporting and budgeting processes,” the Mets said, according to the sports website.

William Snyder, a managing partner at CRG, was the chief restructuring officer in the Rangers bankruptcy. He pushed for an auction, which increased the price paid for the team by Chuck Greenberg and Nolan Ryan to $593 million from $575 million. The Rangers have reached the World Series the past two years.

Mets owner Fred Wilpon is being sued by the trustee for convicted fraudster Bernard L. Madoff’s defunct firm to recover investment gains from the team and the Wilpon family. The Mets are offering minority stakes to raise additional capital. The owners are unwilling to offer a majority position in the club, which lost $70 million last season.

Jay Horwitz, a spokesman for the Mets, didn’t immediately respond to an e-mail seeking comment.

Standard & Poor’s last month cut its outlook to negative on $695.4 million of debt raised to build Citi Field. Cash flow has declined each year since the 42,000-seat stadium opened in 2009. Last season, attendance fell 27 percent to 2.29 million.

The Mets also owe $25 million to Major League Baseball and $40 million to Bank of America Corp., money that was borrowed to pay operational expenses, the New York Times said.

The Mets may close on the first of several sales of minority stakes for $20 million each by Jan. 31, MLB.com reported, citing General Manager Sandy Alderson.

To contact the reporter on this story: Nancy Kercheval in Washington at nkercheval@bloomberg.net

To contact the editor responsible for this story: Michael Sillup at msillup@bloomberg.net

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