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Saturday, September 03, 2011

The Mets will be selling 10 Shares at $20 Million each

$20 Million
Newsday's Steven Marcus reports the way the Mets will sell ownership shares is in $20 million blocks that each would be worth 4 percent of the team.

So the 10 shares at 4 percent each would yield $200 million for 40 percent of the team, and match the investment dollars David Einhorn had pledged. Why not that route from the beginning Writes Marcus:

The Mets initially considered selling unit shares, but, the source said, "There was so much interest from big hitters who could write a $200 million check." Most of those willing to put up the full $200 million sought significant say in the baseball operations, the person said, and Wilpon and Katz decided to abandon that strategy after the proposed deal with Einhorn fell through. According to the source, the team has a list with up to 50 parties who expressed interest in a smaller share when the announcement about selling a portion of the team was made in January. "There was a tremendous amount of interest from people who said, 'I can't do $200 million; I'd love to do a smaller amount and have the fun of being a part-owner.' [The Mets] are pretty confident there is a lot of interest in these units."

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