The New York Mets are currently up for sale but sagging revenues at CitiField could put a damper on any and all bids. In a report published by Michael Ozanian of Forbes, the Mets’ revenue at the ballpark has dropped for the third consecutive season.
The Mets have been at Citi for 11 seasons averaging $144.6 million per season over that time. The lure of the new ballpark in 2009 brought in the most revenue ($179.3M) but the honeymoon didn’t last. When the team hit the skids in the middle of the decade when the Mets logged in six consecutive losing seasons before winning the NL pennant in 2015.
The club went from CitiField low of $117 million in revenues in 2014 to $151.8 in 2015. They crested at $167.6 million in 2016 when they qualified for the Wild Card Game but have seen revenues drop in each of the next three years: 2017 ($162.8M), 2018 ($151.8M) and $148.9M last year.
The news isn’t all bad, however. Ozanian still sees the Mets – and CitiField – as a solid buying opportunity for investors.
The best news to glean from this 11-year financial snapshot of Citi Field is that ,despite the team’s on-field performance the past three seasons—sub-.500 in 2017 and 2018, an 86-win season in 2019 but no postseason berth—revenue and net income exceeded their averages over the time since Citi Field opened.
A potential buyer—one with cash to invest heavily in the Mets—has to figure a World Series-caliber team can generate a heck of a lot more money at Citi Field.
The one factor that can put the brakes on the sale of the Mets – or any club – is the Coronavirus. Right now, the NBA has halted play indefinitely, the NHL may follow and March Madness will replayed without fans in attendance. Several west coast MLB teams are considered moving their regular season games to their Arizona spring straining facilities until the virus subsides, which may not be until summer.
The Mets open March 26 at home against the Washington Nationals. That series is clearly in jeopardy with New York becoming the epicenter of the virus on the East Coast. Revenues are surely to be down, especially early on in the season.