We’re already seeing one New York-based team in that of the MLB’s Mets up for sale during the current economic downturn around the world.
While the Mets being put up for sale by owner Fred Wilpon pre-dates the economic crisis, it could very well be a harbinger of things to come.
Just don’t tell that to New York Giants co-owner John Mara. He just spoke out on rumors that the NFL team could be put up for sale. The 65-year-old Mara completely pushed back against said speculation.
Mara joined the Giants’ organization back in 1988 under former owner, his father, Wellington Mara. He took over control of the front office as team president in 2005 when his father passed away and is co-owner with Steve Tisch.
It’s not necessarily a surprise that Mara would push back against the idea that his beloved Giants could be up for sale. This is an organization that has been in the family since his father was its general manager starting back in 1937.
New York Giants franchise value
In their latest estimates, Forbes ranks the Giants as the third-most valuable franchise in the NFL at $3.9 billion. Despite the current economic issues and expected revenue downfall around the NFL, this value is highly unlikely to decrease too much moving forward.
With the division rival Washington Football Team potentially set to hit the market here soon, we will acquire a better understanding of how much team valuation will be impacted by the current situation of the global economy. Washington is said to be worth $3.4 billion. Based on recent trends, it will sell for at least $3 billion.
NFL revenue hit amid COVID-19 pandemic
Playing the 2020 NFL season primarily without fans in attendance could create a $3.2 billion revenue loss for the NFL and its teams. In particular, the Las Vegas Raiders are slated to lose north of $570 million in ticket revenue.
It’s not yet known how long-term this impact will be. Though, the NFL and its teams are planning for revenue downfalls to impact its salary cap through at least the 2022 season. That could play a role in the Giants’ decision-making process.