Wednesday, January 11, 2012
Mets closing in on sale of five $20 Million minority shares
According to the New York Daily News, the club is on the cusp of finalizing “at least five” minority shares at $20 million apiece.
Following the collapse of last summer’s deal with hedge funder David Einhorn, the Mets turned their efforts toward raising $200 million bit by bit, through the sale of $20 million non-controlling minority shares.
Major League Baseball gave the team a $25 million loan last year, which has yet to be repaid. New York also took out a $40 million “bridge loan” from Bank of America in December.
Though he wouldn’t disclose a timeframe, Mets general manager Sandy Alderson recently admitted the Mets lost $70 million.
Last week, news broke that Mets owners Fred Wilpon, Jeff Wilpon and Saul Katz hired CRG Partners, the company that helped the Texas Rangers through their bankruptcy and sale in 2010. According to the Mets, the firm is not providing any bankruptcy-related services.
Last March, Forbes reported the Mets had lost 13 percent of their worth amid legal and debt problems. Listed by the publication at $858 million in 2010, the franchise was valued at $747 million in 2011.