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New York Mets bring in another player for financial support
The New York Mets baseball team announced that they have enlisted the help of CRG Partners, a company that assists in “special talents financial advisory work, restructuring and reorganization, and turnaround management.” The New York baseball team openly admitted that they were in need of financial guidance but wanted to clarify that they are in no way seeking bankruptcy advice, as reported in a January 6th, 2012 New York Times article.
Becoming one of the agency’s new clients comes as no surprise. The Queens based New York Mets have been struggling with budget limits for the last year. Officials for the team have been attempting to fix the team’s money issues by cutting cost and trying to raise money. Recently the team even took out a “bridge loan” of $40 million from Major League Baseball, to help float the team until new investors could be obtained.
It is unclear exactly what the agency’s plan is to help the baseball team. The team has already taken extreme measures by cutting their payroll by trading high priced players and not re-signing free agents. The agency will have to strategize fast with the repayment date on the team’s loan approaching.
We at the Law Offices of Jayson Lutzky, P.C., are interested in informing our clients about current economic conditions to help them better handle personal debt. If you are struggling with debt, and you are in need of legal advice, please feel free to call us at 1-800-660-5299 or visit us at www.bankruptcynyc.com for a free initial consultation.