GO
Loading...

Sports Teams: SpongeTech Owes Us More Than $9 Million

Almost a month ago, I wrote about the story of SpongeTech, the “smarter sponge” that spent all its money — much of which it allegedly didn’t even have — on sports sponsorships. The creditors in the bankruptcy proceedings have finally come forward with how much money they have owed and the carnage, as expected, is in the millions. Below is the list, in order of how much they are owed.

SpongeTech sponges
Source: Spongetech.com
SpongeTech sponges

The Mets — whose owner Fred Wilpon lost money in the Madoff scandal and was recently sued as a result of alleged company retirement fund losses related to Madoff — are the largest creditor, when combining the $2.6 million that the team is owed with money owed to Sportsnet New York, the network that the team partly owns.

Interestingly, Creative Artists Agency (CAA), which negotiated many of the deals, either got paid by Spongetech or is simply not stepping forward to claim what the agency is owed.

New York Mets (Queens Ballpark & SNY): $2,775,000

Tampa Bay Buccaneers: $2,697,600

Arizona Diamondbacks: $552,557.48

New York Knicks/Rangers (owned by Madison Square Garden): $511,700

WFAN-AM (New York sports radio station): $322,748

Chicago Bears: $260,000

Charlotte Bobcats: $195,000

ANC Sports (sold signage): 195,751.05

Washington Redskins: $170,000

Cleveland Cavaliers: $170,000

New York Islanders: $150,000

Toronto Blue Jays (owned by Rogers Media): $134,520

Cleveland Browns: $131,807.25

Houston Texans: $117,633.32

Cincinnati Bengals: $114,285

Boston Red Sox: $78,125

Chicago Blackhawks: $73,251

Miami Dolphins: $60,000

Dolphin Stadium: $60,000

Levy Restaurants (provides US Open food): $50,000

Colorado Rockies: $43,750

Long Island Ducks: $25,500

New York Yankees: $20,478

ESPN Radio: $19,250

Los Angeles Angels: $9,125

Questions? Comments? SportsBiz@cnbc.com