NEW YORK â€" The financially troubled New York Mets have hired the consulting company that worked with the Texas Rangers during that team’s bankruptcy in 2010.
“Mets Limited Partnership engaged CRG Partners to provide services in connection with financial reporting and budgeting processes,†the team said in a statement late Thursday, responding to a report by SBNation.
On Friday, the Mets added on their Twitter account: “To be clear: CRG’s services aren’t bankruptcy-related. There are no bankruptcy services being provided by anyone.â€
The Mets have been trying to raise $200 million through the sale of $20 million non-controlling shares following the collapse of a deal last summer with hedge fund manager David Einhorn. They also owe $25 million to Major League Baseball, a loan whose repayment was extended from November until March; and $40 million to Bank of America.
General manager Sandy Alderson said last month the team lost $70 million, although he didn’t put a timeframe on the losses.
The trustee recovering money for victims of the Bernard Madoff Ponzi scheme, Irving Picard, originally sought $1 billion from the Mets’ owners, claiming they should have known millions they collected from Madoff represented phony profits. Owners Fred Wilpon and Saul Katz have denied the claims in lengthy litigation.
U.S. District Judge Jed Rakoff dismissed nine of 11 counts on Sept. 27, limiting the exposure of the Mets’ ownership to about $386 million. A trial is scheduled to start March 19.
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