Tuesday, March 20, 2012

Bob Pittman and Kenneth Lerer among the twelve minority investors


Pittman
According to The Wall Street Journal, Media executive Bob Pittman and venture capitalist Kenneth Lerer are among several investors who combined to purchase one $20 million stake in the Mets, according to a person familiar with the deal.

The Mets completed the sale of 12 minority stakes in the team for $240 million last week. They publicly acknowledged the deals for the first time Tuesday but declined to identify any outside investors. "We will not be providing any further details on the transaction," the team said in a statement.

Pittman is chief executive of Clear Channel Media Holdings. Lerer is manager of Lerer Ventures, a seed stage venture capital fund, and a co-founder of The Huffington Post. His investment was made with personal funds, the person said.



Pittman and Lerer, a longtime friend of Mets principal owner Fred Wilpon, purchased only a portion of a 4% stake in the team. It's unclear how much they invested or how many other investors chipped in with them.

The only previously known outside investor is Steven Cohen, founder of SAC Capital Advisors, who purchased one $20 million share. Cohen is also a leading bidder for the Los Angeles Dodgers. He would have to relinquish his interest in the Mets if he buys the Dodgers.

Last month, Wilpon said four shares would be purchased by SportsNet New York, the regional sports television network owned by the Mets, Comcast and Time Warner.
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