NEW YORK (CBSNewYork) — The owners of the New York Mets are reportedly dealing with more financial woes.
According to a report by Deadspin, a fund operated by Fred Wilpon‘s private real estate equity firm, Sterling American Property Inc., was nearly $325 million in the red as of last summer.
The firm is also run by Michael Katz, the brother-in-law of Mets president and minority owner Saul Katz.
The $497 million fund — which includes $150 million of Sterling’s own money — was down to just $173.25 million in cash and investments as of June 2015, Deadspin reported.