Showing posts with label Jeff Wilpon. Show all posts
Showing posts with label Jeff Wilpon. Show all posts

Friday, January 31, 2014

Mets News: The Mets have refinanced their $250 Million Loan


Mets News:


The New York Mets owner Fred Wilpon and family, who faced a massive $250 million loan against the team coming due in the next few months, have successfully arranged for it to be refinanced, according to a published report.

The NY Post reported that the refinanced loan will not come due for seven years, freeing the cash-strapped owners from an immediate, burdensome obligation that could put their ownership of the team in peril.

The newspaper added that interest payments will remain about the same for team owners under the new terms. They will not be required to immediately pay down any principal as part of the refinancing agreement -- avoiding the type of immediate lump-sum obligation that could trip them up.

The refinanced loan reportedly also does not restrict the Mets' payroll, whereas the original loan's terms capped how much the Mets could spend on players. The Mets' payroll currently is about $87 million for 2014 -- well below what is customary in a large market such as New York.

The owners have faced financial peril in recent years in part because they invested in swindler Bernard Madoff's Ponzi scheme. They recently sold minority ownership shares in the club in order to pay down debt, including a loan from Major League Baseball.

Thursday, November 14, 2013

Mets News: Super Agent Scott Boras Bashes Mets Spending Habits



Mets News:


In a report from ESPN NY, Scott Boris bashes the Mets and calls out the Wilpon's and says, They are frugal.

"The Mets are like NASA," Boras said Wednesday afternoon at the GM Meetings. "They have big rockets, a lot of platforms and very few astronauts. Astronauts are hard to find. They've got one guy with the 'Wright' stuff. That's for sure. And they've got a lot of 'Arm'-strongs, too. But they're certainly a club that I'm sure is in a pursuit of a higher level of talent."

On the Mets Willingness to spend:

Well, I think the ability to spend and actually spending are two different things," said Boras, who represents free agents including Jacoby Ellsbury, Shin-Soo Choo and Stephen Drew. "And that's only for the Mets to diagnose. Certainly their franchise value has gone through the roof -- they're in the well over $2 billion. They're a very successfully run business operation. The Mets have the ability to pretty much do what they want to do. But it's hard to find astronauts."

Responded Alderson: "I don't think his intergalactic metaphor is exactly right. I'm not sure, because I've got to first understand it."

Tuesday, October 02, 2012

Mets News and Notes: 2013 Coaching Staff, Greenburg, Van Dusen, Pelfrey, Wilpon, Keys to Dickey


They will be back in 2013
Mets News and Notes:

The entire Mets coaching staff -- pitching coach Dan Warthen, hitting coach Dave Hudgens, bench coach Bob Geren, third base coach Tim Teufel, first base coach Tom Goodwin and bullpen coach Ricky Bones -- will return next season. Wally Backman, who managed the Triple-A club this season before joining the Mets in September, has yet to be presented with a 2013 role. A team source told ESPNNewYork.com that Las Vegas, the Mets' new Pacific Coast League home, may not be attractive to Backman.

Connecticut native Adam Greenberg, who was struck in the head with a pitch in his lone major league plate appearance -- on July 9, 2005 -- and subsequently developed vertigo will pinch hit for the Marlins today. He likely will face Dickey in the middle innings. The Mets will treat him like any other major league hitter.

Fred Van Dusen, the only other player in major league history to be hit with a pitch in his lone major league plate appearance and never play the field, will be on hand and throw out the ceremonial first pitch.

It appears highly unlikely Mike Pelfrey will return in 2013, but Terry Collins and Warthen wouldn't mind having him back -- as a back end of the bullpen option, perhaps. Pelfrey, who underwent Tommy John surgery on May 1, has to be cut loose in December. Otherwise, the Mets would have to pay him at least 80 percent of this year's $5.6875 million salary. Once a free agent, Pelfrey would be free to sign anywhere. And agent Scott Boras likely would try to place Pelfrey with a team to start on a one-year contract with a reasonable base salary (maybe $2 million) and performance-based incentives.

Tuesday, September 11, 2012

Mets News and Notes: Mejia, Johnson, Cyclones, Tejada, Wright, Wilpon, Backman, Phillies


Mets News and Notes:

Jenrry Mejia will enter the rotation Saturday at Milwaukee, with Jeremy Hefner moving to the bullpen.

Nats manager Davey Johnson delighted in officially eliminating the Mets from division-title contention. "That made me a little happy," Johnson told Washington reporters postgame. The Mets' tragic number for wild-card elimination is 12.

The Brooklyn Cyclones mustered only one hit and were eliminated from the New York-Penn League playoffs Sunday. Both Mets affiliates to qualify for the postseason -- St. Lucie and Brooklyn -- were eliminated in a winner-take-all Game 3 in the opening round.

Ruben Tejada, who previously had confirmed he would train during the offseason in New York and Port St. Lucie, told Kevin Burkhardt (Twitter link) that he will work out with Jose Reyes at the Garden City, L.I., facility where Reyes has trained for several years. Among the other athletes who train together there: Pedro Beato, the Rockies' Adam Ottavino and Mets minor leaguers Cam Maron (Hicksville High product), John Mincone (Half Hollow Hills East) and Steven Matz (Ward Melville).

David Wright and Jeff Wilpon visited the Squad 18 firehouse in lower Manhattan on Monday morning.

Wright told Marc Carig in Newsday there have been no developments with a contract extension. "I don't think it's the right time, but I guess I'll answer your question," Wright said. "There's nothing new. I guess status quo." Said Wilpon: "I think we've said all along that we plan on keeping David and we want David to be part of the organization long term. Let's not get into the contract. He didn't want to negotiate during the season. We're not going to negotiate during the season. We'll find the right time to sit down and talk."

Wednesday, March 14, 2012

Wilpons must convince the jury that they did not act in "bad faith" when they profited from Madoff


In a major ruling Wednesday heading into next week's trial, U.S. District Court Judge Jed S. Rakoff threw a curveball to the defense team in the $386 million lawsuit against Fred Wilpon, his family, businesses and charities.

Five days before jury selection is set to begin in the civil trial in U.S. District Court in lower Manhattan, Rakoff ruled the burden is on the Wilpons to convince a jury they did not act in “bad faith” when they profited from convicted swindler Bernard Madoff’s Ponzi scheme.

The burden will not be on trustee Irving Picard, who brought the lawsuit, to prove the Wilpons were “willfully blind” to the Ponzi scheme.

Read the ESPN Article for more info

Monday, February 27, 2012

Jeff Wilpon buys shirts to motivate Mets Players


The Mets players found another shirt in their lockers after the workout was over.

To motivate the team, Jeff Wilpon ordered orange T-shirts for the entire roster that featured the U-shaped logo from the cartoon series “Underdog,” which aired in the 1960s.

Wright seemed lukewarm on the concept of the shirt. He said: “I don’t really like using the whole Underdog thing. I don’t like playing that card.”

But he said he understood the intent behind them.

“Obviously, the expectations from the outside are low, and understandably so, but we in here kind of have to rally around that and get it going, and I guess at the end of the

Thursday, February 23, 2012

Hearing on Thursday could predict Mets Owners Fate in Madoff Case


According to the NY Times, Lawyers for the Mets’ owners and the trustee for the victims of Bernard L. Madoff’s fraud will meet in Manhattan federal court on Thursday, less than a month before a jury trial is scheduled to start.

Both sides have filed motions for summary judgment and a federal judge could decide from the bench and potentially make significant rulings in the multi-million-dollar case against the Mets’ owners.

The legal fight has lasted more than a year. It started in federal bankruptcy court and moved to district court. In total, it has produced thousands of pages of legal filings.

The stakes are high. Fred Wilpon and Saul Katz, brothers-in-law and Mets’ co-owners, could be held liable at trial for $83 million to $386 million — and possibly more depending on future appeals.

Thursday, January 19, 2012

Monday, October 31, 2011

Jeff Wilpon says Mets' sale of minority shares are going very well


According to the NY Daily News, Mets chief operating office Jeff Wilpon said Monday that his team's sale of minority shares was "going very well."

After negotiations with potential investor David Einhorn collapsed last month, the Mets - whose principal owners are Fred Wilpon, Jeff Wilpon and Saul Katz - decided to sell smaller shares of the team, for approximately $20 million apiece. Since then, there has been scant news about the process.

Wilpon said Monday that the club was under no pressure to complete all deals by a certain date.

"There is an internal timetable that we're not going to share, but there is not a deadline where we have to make sure that everything has to be done," he said. "Some of the people might never be public. I don t think anybody knows all the minority shareholders in the other teams... it's just not widely known."

The Mets have yet to announce the completion of any sales.

Thursday, September 01, 2011

The Mets release statement on Einhorn negotiations


The New York Mets' Owners announced today that their period of exclusive negotiations with David Einhorn regarding a minority, non-operating interest in the Mets has expired and Ownership has decided not to extend the exclusive negotiating period any further. After months of negotiation, the parties were unable to reach agreement, and Mets Ownership has decided to explore other options.

Ownership has provided additional capital to cover all 2011 losses and is moving forward with the necessary resources to continue to operate the franchise. Ownership will explore other strategic transactions and is under no financial pressure to do a deal on any particular schedule.

"We are very confident in the team's plans - both off and on the field," said Mets Chairman and CEO Fred Wilpon. "We will engage with other individuals, some who have been previously vetted by Major League Baseball, along with other interested parties, regarding a potential minority investment into the franchise. My partners and I thank David for his interest in considering this opportunity and wish him well in the future."

Wednesday, June 22, 2011

Mets Help Fund 9/11 Charity


The Mets are helping to fund a charity program for the families affected by the September 11th terrorist attacks. The charity is called Tuesday's Children. The Mets announced that the team will help pay for The First Responder Alliance Mentoring Program- $10,000, which will provide trained mentors for children whose parents died due to illness attributed to their time working at ground zero or Fresh Kills Landfill. For the 10th consecutive year, Mets players will meet and greet the families of Tuesday's Children, signing autographs and taking photos during pregame receptions throughout the season. Jeff Wilpon said the team is "honored to have worked with Tuesday's Children since its inception."

Tuesday, June 21, 2011

Jeff Wilpon says Mets can be buyers if they need to be


Will the Mets be Buyers?
According to Dan Martin of the Ny Post,  Jeff Wilpon made clear that the Mets if suited with the opportunity to be in a race they would spend by saying,
"He'll have all the opportunity in the world to bring anybody he wants in," team COO Jeff Wilpon said yesterday, without giving the GM carte blanche. "The way for him to do that is to bring the ideas to us and we'll talk about it. But he does not have restrictions. We'll deal with everything on a case-by-case basis."

Sandy Alderson clearly has decisions to make , but they will have to come down the road.

Alderson was quoted saying,
"The next three to four weeks will tell a lot," said Alderson, adding he will keep finances in mind when he considers any potential move, but won't make it the overriding factor. "The focus will be on the baseball side."

Saturday, May 07, 2011

Report: Steve Cohen seen with the Wilpons in CT. Steak House, Could he be the next part owner of the Mets?


The NY Times identified hedge fund manager Steve Cohen as the frontrunner to buy a minority share of the Mets.

Today the New York Post is reporting that is still the case, reporting that Cohen was to meet with the Wilpons and/or Saul Katz  ”at 8 pm at Gabriele’s Steak House in his hometown of Greenwich, Conn.”.


In the Times’ report, people who knew Cohen said that they would be surprised that he would accept a minority stake in the Mets, on the presumption that such a stake would provide him with no control over the direction of the team.

The Post reported last week, however, and repeats today, that “a minority owner will have significant input immediately on key budgetary decisions” and that he would “be part of a newly created board.”

Of Course,  MLB has to approve such a owner, even a minority owner and yesterday it came out that he is being investigated by the feds for insider trading,  Stay Tuned!


Saturday, April 02, 2011

Things are getting tight financially, Mets want a deal fast


NEW YORK - OCTOBER 29:  (L - R) Saul Katz, CEO...Image by Getty Images via @daylife
Mets owner Fred Wilpon wants to select a minority-share partner by the end of this month, two people with knowledge of the talks said Friday.

There is a sense of urgency about the timetable because the team has mounting financial obligations, starting in June when a payment estimated at $21 million is due on the bonds that financed Citi Field, according to the New York City Industrial Development Agency's most recent audited financial report.

In addition, the Mets took out a $25 million loan from Major League Baseball last November because the team had used up its $75 million line of credit. Forbes magazine has reported the Mets have $450 million in debt.

Money from the partial sale -- estimated at $200 million -- will be earmarked to finance the team's day-to-day operations and to pay down debt, said a person familiar with the sale discussions.

The Mets also must now begin paying salaries to players, who are not paid during the offseason or spring training. The Mets have a 2011 payroll in the vicinity of $140 million, which averages to around $11.6 million doled out every two weeks.

Video: About Potential Buyers

Wednesday, March 30, 2011

Mets Seeking $200 Million, Eight to Nine Bidders have been approved by MLB


The Major League Baseball logo.Image via Wikipedia
According to the NY Times,  the Mets are seeking $200 million for a minority portion of the team — a badly needed cash infusion that the team’s owners would pour directly into the club’s operations and use to pay off some of their debt, according to a person briefed on the sale process.

The owners of the team are also telling potential bidders that they might sell a portion of SNY, their cable network, but that such a negotiation would take place separately from any deal for the team, and would probably not be seriously contemplated for a year or two.

The owners believe that they can get more for a stake in the profitable SNY if it is not packaged with the team, the person said.

Some of the eight or nine bidders approved by Major League Baseball to bid on the Mets have been identified:

Sunday, March 20, 2011

Statement: Wilpons/Katz Fight Back in Court


Here's the press release issued on behalf of Fred and Jeff Wilpon and Saul Katz on the day they answer the $1 billion lawsuit against them with a filling in U.S. Bankruptcy Court.

FOR IMMEDIATE RELEASE

STERLING PARTNERS REJECT MADOFF TRUSTEE’S LAWSUIT AS WORK OF FICTION

GREAT NECK, N.Y., March 20, 2011 – In court papers filed today, Fred Wilpon, Saul B. Katz and their Sterling Equities partners (the “Sterling Partners”) began the process of defending themselves in court against the false allegations made by the Trustee overseeing the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS). In the motion filed today, the Sterling Partners provide clear evidence that the Trustee’s amended complaint:

Wednesday, February 16, 2011

NYT: Jeff Wilpon: “We’re not selling controlling interest in the team, It’s not on the table.”


According to The NY Times, Jeff Wilpon, the son of the longtime Mets owner Fred Wilpon, said his family had received many offers to buy a part of the team, but he emphasized that his family would not relinquish a majority share of it.

“We’re not selling controlling interest in the team,” he said. “It’s not on the table.”

In January the Mets said that because of the uncertainty brought by the lawsuit, they would seek to sell up to 25 percent of the team in order to raise money tosettle it. Since then, negotiations between the sides have broken off.

On Tuesday Donald Trump said in an interview with The New York Times that he had contacted Fred Wilpon two weeks ago about buying a share of the team, but wanted to buy a controlling share. Jeff Wilpon seemed to downplay the prospect of a Trump bid for the team.

Wednesday, February 02, 2011

Mets hope to sell 25% Stake by End of June


PHILADELPHIA - OCTOBER 27:  Major League Baseb...Image by Getty Images via @daylife
According to The Wall Street Journal, the New York Mets hope to complete the sale of up to a 25% stake by the end of June, according to a person involved with the planned transaction, as the baseball team seeks funds to make up for a potential settlement related to investments with fraud figure.

Mets owners Fred Wilpon and Saul Katz met with Major League Baseball Commissioner Bud Selig and his lieutenants Tuesday in what was described as an effort to update Major League Baseball on the Mets' financial problems and the owners' plans to sell a minority stake in the team, which they revealed Friday.

They discussed the Mets owners' exposure from a lawsuit by the court-appointed trustee gathering assets for victims of Mr. Madoff's Ponzi scheme, according to people with knowledge of the meeting.

The people described the meeting as "cordial," noting that Messrs. Wilpon and Selig are longtime friends. Afterward, the men attended a benefit lunch at New York's '21' Club.
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Saturday, January 29, 2011

Official Wilpon Statement from Yesterday


Fred Wilpon, Chairman and Chief Executive Officer of the New York Mets, and Jeff Wilpon, Chief Operating Officer of the New York Mets, issued the following statement:

As Sterling Equities announced in December, we are engaged in discussions to settle a lawsuit brought against us and other Sterling partners and members of our families by the Trustee in the Madoff bankruptcy. We are not permitted to comment on these confidential negotiations while they are ongoing.

However, to address the air of uncertainty created by this lawsuit, and to provide additional assurance that the New York Mets will continue to have the necessary resources to fully compete and win, we are looking at a number of potential options including the addition of one or more strategic partners. To explore this, we have retained Steve Greenberg, a Managing Director at Allen & Company, as our advisor.

Regardless of the outcome of this exploration, Sterling will remain the principal ownership group of the Mets and continue to control and manage the team's operations. The Mets have been a major part of our families for more than 30 years and that is not going to change.

As we have said before, we are totally committed to having the Mets again become a World Series winner. Our fans and all New Yorkers deserve nothing less.

Friday, January 28, 2011

Wilpons are looking to sell 20-25% of team (Mets)


According to Evan Brunell of CBS Sports, the owners of the Mets, Fred (on the right in the photo) and Jeff (left) Wilpon, issued a statement Friday announcing that they are seeking to sell a minority share of the team.

In the statement, the Wilpons acknowledge they are part of a lawsuit brought against them by the trustee of the Bernie Madoff bankruptcy. The Wilpons had a significant amount of money invested with Madoff, and despite claims that they would be able to run the baseball team with no impact from the Madoff swindling, the evidence over the last few years has mounted that the Wilpons did, in fact, get too much of their savings wiped out. While most of their payroll is taken up by aging and/or broken-down players, the fact remains that New York has added just $7 million in payroll this offseason.

The Wilpons are considering allowing others to buy a minority stake in the Mets "to address the air of uncertainty created by this lawsuit, and to provide additional assurance that the New York Mets will continue to have the necessary resources to fully compete and win."

The Wilpons made it clear that they will remain the majority partners, but that could just as easily mean a 51 percent share. However unlikely, if someone bought in for 49 percent, it would bring in what appears to be a very needed infusion of cash.

And yet, it is going to be very difficult for the Wilpons to convince an investor to fork over millions -- if not hundreds of millions -- of dollars for a share and not get any interest at all. It would be far easier for the Wilpons to sell the Mets outright, or sell the majority of the team. In fact, most compelling offers will likely attempt to buy a majority of the club.

And there will be no shortage of interested investors, given the Mets' presence in New York City.

UPDATE: Tyler Kepner of the New York Times reports that Fred Wilpon plans to sell 20-25 percent of the team.
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