NY Mets hires bankruptcy consulting group

The NY Mets announced Thursday that they hired CRG Partners, a firm who assisted the Texas Rangers with their bankruptcy in 2010. In the announcement the Mets stated the turnaround and bankruptcy firm was hired to provide “services in connection with financial reporting and budgeting processes,” according to the New York Times.

The Mets have not discussed the possibility of bankruptcy publically, but CRG Partners offers bankruptcy services. In 2010, they helped negotiate the sale if the Texas Rangers.

The Mets have been having some financial troubles as of late, so a bankruptcy would not be a surprising move. The team has faced lackluster ticket sales at Citi Field and has already reduced ticket prices. They lost $70 million in revenue last season.

They also owe significant amounts of money to different entities. They owe $400 million to different banks including $40 million to Bank of America. They also owe $25 million to the MLB, according to the New York Times.

Bankruptcy may be a business’s only option. Debt protection can keep a company form going under and allow them to become financially solvent once again. When facing financial troubles, seeking the advice of a bankruptcy attorney is recommended.

A bankruptcy lawyer can outline all the options available to a business and which particular filing will be most appropriate for the needs of the business. Don’t make any of these important decisions before you consult with a bankruptcy attorney.