"Head To The Bank And Greet The Mets!"

Name your stadium after Citigroup in 2009 and you're bound to find yourself in the same position as Citigroup in 2009 -- precariously solvent and in urgent need of raising cash. The Wilpon family, which owns the Mets, is searching quickly to sell a minority stake in the franchise after Bernard Madoff's estate sued the Wilpons' investment funds for about $300 million, to recover the money they made from their investments with Madoff, who was a close family friend. If they lose the suit -- or settle, which is more likely -- they won't have enough cash on hand to pay the estate without selling some assets.

(The Wilpons have repeatedly said they were victims as much as anyone from Madoff's Ponzi scheme, not condoning participants. Given the amount of money they lost as a result, that's probably true. They've also repeatedly said those losses wouldn't affect the financial condition or competitiveness of the Mets, but now they're selling an ownership stake, the team has been terrible the past two years and it hasn't made any moves of note.)

The Times reports the Wilpons have been casting for a business partner for several weeks now, with no takers. Essentially, the Mets are a distressed asset -- their underlying, long-term value is solid, but in current market conditions, the value is hard to pin down and their owners tough situation means suitors will only drive the price lower to snap up a bargain. After building a new stadium in the heady days of the middle of the previous decade, when finance drove New York's (and the country's) economy, that now seems to recall faded collateralized mortgage-backed securities, it's very ironic that the Mets now resemble a collateralized mortgage-backed security.

As George Vecsey noted in his recent column about this affair, the Mets used to be known for their bumbling charm, dating to their 40-120 record in their inaugural 1962 season, punctuated by moments of triumph, such as the 1969 and 1986 World Series victories. In the past five years, they've fallen apart again and again on the field. Now that their management extends from generally poor personnel decisions to financial distress, they seem to represent the country in a more deeply symbolic way: Wealthy investors, making lots of money with their friends, only to learn that they've lost lots of money because of flimsy assumptions and a general lack of interest in questioning their business decisions or examining their level of responsibility. At least it's Major League Baseball that might bail out the Mets, not the Treasury.

Thanks to the Mets' theme song, "Meet the Mets," for inspiring the post's title: "Head to the park and greet the Mets!" C'mon, you know the words.