The Wall Street Journal, the New York Mets hope to complete the sale of up to a 25% stake by the end of June, according to a person involved with the planned transaction, as the baseball team seeks funds to make up for a potential settlement related to investments with fraud figure.
Mets owners Fred Wilpon and Saul Katz met with Major League Baseball Commissioner Bud Selig and his lieutenants Tuesday in what was described as an effort to update Major League Baseball on the Mets' financial problems and the owners' plans to sell a minority stake in the team, which they revealed Friday.
They discussed the Mets owners' exposure from a lawsuit by the court-appointed trustee gathering assets for victims of Mr. Madoff's Ponzi scheme, according to people with knowledge of the meeting.
The people described the meeting as "cordial," noting that Messrs. Wilpon and Selig are longtime friends. Afterward, the men attended a benefit lunch at New York's '21' Club.