New Cardinals manager Matheny still dealing with financial setback

Nov 21, 2011

Mike Matheny is taking on one of baseball's most high-profile jobs even as he continues to recover from a big financial setback.

The St. Louis Post-Dispatch reports that Matheny and his wife may still be responsible for more than $4 million from a business deal gone bad. The St. Louis Cardinals say they were aware of the situation when they named Matheny manager last week.

The former catcher has a number of business and property ventures. One was an attempt to develop two plots in the St. Louis suburb of Chesterfield.

Matheny was forced to sell his 17-room estate last year after borrowing heavily for the commercial project that never took off.

Matheny declined comment, citing ongoing litigation.