What's Your Language?

Thursday, September 01, 2011

Mets owners family and friends might get a piece the pie

ESPN NY's Adam Rubin reports now that David Einhorn is out of the loop for minority partner, the Mets no longer are looking to sell one chunk of the team for $200 million or more.

Instead, sources familiar with the organization's plans said Fred Wilpon and family will sell small blocks of the team to multiple family members and friends that add up to roughly the same amount.

ESPN's Adam Rubin explains, one family member may purchase a $20 million block, a friend $15 million, etc. There will be no means to majority ownership. (If reported runner-up Ray Bartoszek wants a piece, he must now buy one of the smaller shares -- not the large chunk Einhorn was set to purchase, or that was originally discussed with Bartoszek.) There is confidence small purchases can be made quickly, as to not affect the team operations, and with no Major League Baseball obstacles. The money would go to MLB and bank loans and to stabilize the franchise.

I guess it's good to have friends and family that can give you 20 Million each, eh 

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