The Mets have finalized the sales of 12 minority ownership shares and paid back $65 million in outstanding loans to Major League Baseball and Bank of America, according to a person with knowledge of the situation. The team has not commented on the deals.
The Mets had been working to finalize the ownership sales for weeks, with two of the shares going to the team's parent company, Sterling Equities, and another four to the partially team-owned cable network SNY. The sales are worth $20 million each for a total of $240 million.
The influx of cash has allowed the Mets to repay a $25 million loan to MLB, which had been outstanding for more than a year, and a $40 million loan they took out with Bank of America in December. The rest of the money is expected to help the team cover operating expenses and potential losses in 2012.
Earlier Monday, before the trial could begin, Mets owners Fred Wilpon and Saul Katz settled for $162 million with the trustee seeking to recover funds from Bernard Madoff's Ponzi scheme.
The Mets originally intended to sell one larger minority ownership sale, but they broke off talks to do so with hedge-fund manager David Einhorn last September. At that time, the team revealed an alternative plan to sell multiple, smaller ownership stakes, which has now come to fruition.
Tuesday, March 20, 2012
Tuesday, October 11, 2011
Fox sports reports there is no timetable for the Mets to repay the $25 million they received last season from Major League Baseball, according to commissioner Bud Selig.
But Selig, speaking to reporters last night before the Brewers faced the Cardinals in Game 2 of the NLCS at Miller Park, indicated he's satisfied with the progress the Mets have made trying to rectify their financial problems.
The Mets recently ended negotiations with David Einhorn to buy a minority stake in the team, and principal owner Fred Wilpon will instead attempt to sell small blocks of the franchise to friends and family.
"I don't have any concerns," Selig said. "I've talked to Fred a lot about it, and they seem to be making good progress at what they're trying to do. He feels comfortable with it, and I really don't [have concerns] at this point. They've made no demands or anything. They seem to be moving along in the right path."
Nevertheless, Selig said there is no timetable in place for the Mets to repay their loan.
"We haven't discussed that -- I don't know that," Selig said. "But it will be paid back."