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May 8, 2009
Stop Me Before I Cook Again
Gumby Fresh
Gari N. Corp, in his inimitable style, straightens out The New York Times (and, we must admit, us) as to the conclusions reached in yesterday's short article regarding the status of CitiField bonds. And, while he's at it, he does a little compare-and-contrast between the Mets' situation, and that of the Nets.
There are plenty of scenarios under which the Mets bonds' underlying rating might be downgraded, particularly if the New York economy stays in the doldrums and the stadium does not generate as much revenue as it should. But let's remember this is a popular franchise in a large city with a very patient fanbase that gets plenty of excitement in September, if not in, ahem, October. Don't try and pretend that any Nets financing could get a rating like this as easily. I love the Mets, but they're a bit trashy. Compared to the Nets though, the Mets are that really classy lady in the black dress and pearls that fronts the Lexus dealers' adverts. Yes, that classy.
...Before anyone says (not that they will, this is hardly a popular blog with the pro-stadium crown, well it's hardly a popular blog at all, what with the infrequent postings and paucity of stimulating subjects, but you get my drift) that the preceding might be construed as a clean bill of health for the business of New York sports, please read the bit about the Mets' resilient brand, and note also that the Mets attracted new financing from the one standing bond insurer (Assured Guaranty) for a small amount for a pretty much complete stadium for a solid team. It won't do the same for the Nets. The New Jersey Nets are the Typhoid Mary of High Finance, and no-one wants to eat their delightful cooking.
Posted by eric at May 8, 2009 8:49 PM