Sherman quotes unnamed executives who tout such a plan:
Two executives heavily involved in major league finances said it would be wise for the Mets to reduce payroll dramatically; even to, say, the $70 million range as soon as the 2012 season. This hardly would solve all of the Wilpons’ financial problems because they carry hundreds of millions of dollars in debt before even learning their ultimate fate in the Madoff debacle.
But the two executives felt even a stripped-down version of the Mets still would draw no worse than two million spectators to Citi Field.In 2008, the Mets' home attendance at Shea Stadium was 4,042,047. In 2009, that figure dropped by 900,000 to 3,154,270 at the new Citi Field, which was a lot smaller. With more expensive ticket prices, the Mets probably came out ahead.
But in 2010, attendance fell to 2,559,738. The Mets were in the second year of a new ballpark that just about everyone praises. The Mets had a competitive team for the first half of the year that was eight games over .500 at the All-Star break. And still their attendance dropped by 600,000.
With a brand-new ballpark and a high payroll, the Mets have lost 1.5 million paying customers in two years. Is that a business plan - to try to hold the losses to another half a million?
These days, it's not even a big deal to draw two million. 21 of the 30 clubs did so last year. Even the Pirates, who haven't had a winning season since 1992, drew 1.6 million.
But you know how the Pirates managed to convince that many people to watch the team go for its record 18th straight losing season? Let's say you want to go to a Pirate game and you'd like to sit behind the dugout. You know how much that will cost you?
Granted, that's if you buy your dugout seats in advance. If you wait to buy them until the day of the game, they will set you back $40.
The Mets already cut ticket prices going into this season, and reports are it isn't doing any good. That fancy new ballpark was built under the assumption that not only would it be filled, but filled with people paying premium prices. So in the long run, propping up attendance by slashing ticket prices isn't likely to impress bankers all that much.
Not to mention what destroying your product will do to your other streams of revenue. People buy jerseys and shirts of your stars, not the cheaper replacements. And good luck maintaining viewership on SNY. At least the announcers will be able to get to know the remaining viewers personally when they appear on "Ask the Booth." Once the games become meaningless, they can start "Ask the Booth" in the third inning so everyone can get a turn.
The Mets also have something the Pirates don't - the Yankees on TV every night. And playing 81 home games a few miles away, plus more in the postseason. Most Met fans won't desert to the enemy. But their kids might have an odd preference for the packed house in the middle of a pennant race. Even Shake Shack is less of a lure now that they have several new locations.
Sherman goes on to quote an executive who says that "smart fans" will realize that the Mets need to rebuild. But most Met fans have already been patient throughout this offseason when the team spent almost no money. "Smart fans" will realize that, even if they went along with a rebuilding plan, it only works if the team drafts over slot and invests in international free agents. And at some point, you'll have to pay to keep those players, or you'll end up like Tampa, where the fans realize that every good player is destined to leave.
The odds of fans supporting the destruction of the team just to preserve the current ownership is about the same as Hank Steinbrenner having a smile on his face if he has to sign over a revenue-sharing check to Fred Wilpon.