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Report: Mets Could Lose $70 Million This Season

How bad is the New York Mets’ financial situation? In an article to appear in Sports Illustrated later this week, the Daily News reports that the Mets owner told the magazine the team is “bleeding cash” and could lose $70 million dollars this season.

Wilpon also told the magazine he fears losing the team if he loses the lawsuit lawsuit filed by Irving Picard seeking $1 billion for victims of Bernard Madoff’s Ponzi scheme.

Considering this news, and Wilpon’s critical comments in the New Yorker about several of the team’s star player, it is hard to imagine all of this having a good ending for the Mets.

First, it is hard to imagine Wilpon not directing GM Sandy Alderson to try and sell off whatever expensive parts — like Carlos Beltran — other teams will be willing to take in an effort to save some cash.

Second, it seems increasingly hard to imagine that — even if a new minority owner is found — Wilpon will be able to keep control of the Mets.