Mets Owners May Pay Themselves Big Dividend While Team's Fans Suffer Mike Ozanian, Forbes Staff Taking advantage of low interest rates and the escalating value of regional sports networks, the owners of the New York Mets are working with bankers to move debt from their baseball team to their cable network and pay themselves a dividend in the process, according to the New York Times. The Mets have lost roughly $100 million over the past two seasons because of falling attendance and high debt payments. The team�s owners, Fred Wilpon and Saul Katz, leveraged the Mets and the cable network they own two-thords of (Comcast and Time Warner Cable own the remainder), SportsNet New York, to the hilt. For years the two men relied on fake profits from Ponzi schemer Bernie Madoff to backstop their finances. But when Madoff was exposed as a fraud, the Mets lost their ATM. Last year the team reduced their payroll by $50 million before this season and it showed on the diamond, finishing 74-88, 24 games behind the first place Washington Nationals. The Mets drew 2.24 million fans at Citi Field this season, 17th among MLB�s 30 teams and over 100,000 less than they drew in 2011, despite lowering ticket prices significantly for many seats. Wilpon and Kats are looking to refinance the $450 million of debt on SNY to pay down down some of the baseball team�s roughly $480 million of debt, and perhaps pay themselves a dividend with some of the proceeds from the refinancing. This should not come as a surprise as the team�s owners piled on debt to pay themselves a dividend in the past. The shifting of debt from the team to SNY�s is a no-brainer, given the cable channel�s value, now about $2 billion, has increased the past few years while the value of the Mets, $719 million, fell 4% over the past year. The more valuable asset that is appreciating in value can borrow more at a more favorable interest rate than the less valuable asset that is falling in value. The real hope for Mets fans is that the team�s owners will not forget their long-suffering fans and also use some of the proceeds from the refinancing to boost payroll and put a better product on the field. http://www.forbes.com/sites/mikeozanian/2012/10/06/mets-owners-may-pay-themselves-big-dividend-while-teams-fans-suffer/