The Mets are selling shares again following grim report on Citi Field revenues

S&P Global predicts little revenue growth for the stadium

TRD WEEKEND EDITION /
Apr.April 28, 2018 05:49 PM

From left: Fred Wilpon, Citi Field. (Credit from left: TRD, U.S. Air Force photo Capt. Bryan Bouchard)

The stadium’s prospects are not looking good for this season and beyond, and, by extension, perhaps not for the New York Mets either.

S&P Global predicts the stadium will make very little revenue while operating costs rise, according to Forbes. The report also forecasts costs will increase by 2 percent annually until 2035.

Unaudited documents obtained by Forbes, however, show revenues have been rising since 2015 when The Mets made it to the World Series: Citi Field’s overall revenue in 2016 was more than $167 million, 10 percent more than the year before.

The stadium is operated by a company owned by Fred Wilpon and Saul Katz, who also own the team and founded Sterling Equities.

The S&P report comes as shares for the team are being sold for the first time since 2012, when Wilpon and Katz were in the midst of a lawsuit issued by the representative of Bernie Madoff’s victims. Cash from the 2012 sale was used to pay operating expenses, loans and lower debt, according to Bloomberg. [Forbes]Erin Hudson


Related Articles

arrow_forward_ios
John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

From left: Pavel Fuks, Michael Cohen, Felix Sater, and Donald Trump (Credit: Getty Images and Wikipedia)

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Rodrigo Niño (Credit: Prodigy Network and iStock)

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

arrow_forward_ios