Showing posts with label Mets Minority Owner. Show all posts
Showing posts with label Mets Minority Owner. Show all posts

Wednesday, June 13, 2012

Flowers Anyone??? 1-800 Flowers Owner Buys Piece of the Mets


According to the Wall Street Journal, The New York Mets say that 1-800-Flowers founder Jim McCann has purchased a minority stake in the team.

The team has been selling limited partner shares for $20 million each. Comedian and TV host Bill Maher bought one, too.

The Mets' owners sought to raise cash after they were sued by the trustee seeking to recover money for victims of the Bernard Madoff Ponzi scheme. In March, Mets owners Fred Wilpon and Saul Katz reached an agreement with the trustee for Madoff's fraud victims, averting a high-profile civil trial.

Thursday, September 01, 2011

Breaking News: David Einhorn is out as minority owner of the team


According to the Daily news, Potential savior of the New York Mets David Einhorn is out as a minority investor in the team.

According to reports , a source familiar with the negotiations for Einhorn to invest $200 million and gain a 33% stake in the Mets, the owner of Greenlight Capital "overplayed his hand" with owners Fred and Jeff Wilpon and Saul Katz and will not invest in the team.

"After months of negotiation, the parties were unable to reach agreement, and Mets Ownership has decided to explore other options," the team said in a statment.

It is unclear if the Mets' owners will seek another investor. Wilpon and Katz are embroiled in a $1 billion lawsuit filed against them by the trustee for the Bernie Madoff Ponzi scheme case, and have faced cash shortfalls in the wake of the litigation.

According to the statement, they "have 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."

Friday, August 26, 2011

Einhorn/Mets deal, Still not a done deal and won't be in August


According to Mike Ozanian of Forbes,  the New York Mets and hedge fund manager David Einhorn will not close their deal to make the hedge fund manager a minority owner in the baseball team this month.

This deal which was first announced in May, was to get the the money-losing debt-laden baseball team some badly needed cash.



In early July, ESPN.com wrote the deal would would likely close in August. And in case there were still any doubters after the Mets began to cut their payroll by trading closer Francisco Rodriguez, in late July the New York Times reported that the deal between the Mets and Einhorn was essentially done except for the paperwork.

Mike Ozanian has learned that there will be no deal between the Mets and Einhorn in August. People familiar with the matter say the two sides are still on track to come to terms. Meanwhile, the team’s losses on the baseball diamond and income statements continue to pile up.

Ozanian does not know if a deal can get done, but says it's rather obvious that the more greater the team falls into the red, the more leverage Einhorn will have.

Thursday, July 28, 2011

NY Times: Mets/Einhorn deal almost finished, waiting for paper work to be completed


The Mets deal to sell a minority stake in the team for $200 million to David Einhorn is finished except for completing the deal’s paperwork, according to the NY Times.

The deal was slowed by Einhorn’s dealings with the banks that have lent the team more than $400 million. The banks are now satisfied with the transaction’s terms (NY Times Source).

The acquisition of a minority stake is usually approved by Commissioner Bud Selig, which would probably give the Mets access to the $200 million as early as next month.

The boatload of cash should be a relief to Fred Wilpon and Saul Katz, the Mets’ owners, who face a $1 billion lawsuit that has been filed by Irving H. Picard, the trustee for the victims of Bernard L. Madoff’s Ponzi scheme.

Sunday, July 24, 2011

JP Morgan Chase is holding up the Einhorn/Mets deal..


According to the NY Post,  the Mets' pending deal to sell a minority stake in the team to David Einhorn is dragging on well beyond its expected closing date because lender JPMorgan Chase is not letting the team structure the deal as a loan, making it harder to complete, The NY Post has learned.

"The Wilpons are having a tough time with the banks," a source close to the talks said.

Fred Wilpon's Sterling Equities, which owns the Mets, last week extended its exclusive negotiations with Einhorn after failing to reach a deal by the June 30 deadline.

Einhorn's $200 million purchase of a 33 percent stake in the money-losing Mets franchise is structured as a loan -- with the hedge-fund investor getting paid back in three years and having his stake reduced to about 16 percent.

JPMorgan Chase, which is owed about $500 million by the team, won't approve such a deal unless its loans get serviced -- repaid or restructured -- prior to Einhorn.

In addition to objecting to the Einhorn deal, in the last few months the bank wrote a "tough" letter to Sterling telling it that the Mets had breached their loan in 13 different ways, said the source, who has seen the letter.

The bank did not put the team in default, but the letter puts it on notice so the bank could more easily pursue that course in the future, the source said.

The 43-year-old Einhorn, if he is not repaid in three years, has the option of acquiring a controlling stake in the Mets at a predetermined price.

Read more: Go to NY Post

Wednesday, July 20, 2011

Mets talking to other investors in case Einhorn's deal falls through


Hedge fund owner David Einhorn has been assumed to have an all but done deal to buy a minority share in the Mets, but the New York Daily News reports that the Wilpons are talking to other potential investors, even as they continue to try to finalize a deal with Einhorn.

Which is their right, because the exclusivity period for negotiations with Einhorn ended a couple of weeks ago. Einhorn, the Daily News reports, has been driving a hard bargain on some final details, so the Wilpons are talking to others, including commodities trader Ray Bartoszek.

The thinking: Einhorn is still probably going to get his stake, but a deal had better get done soon lest the Mets find others who are willing to give them a sweeter deal.

Tuesday, May 24, 2011

Mets Ownership Close to Naming Minority Owner


There were many reports that the Mets were close to landing their sought after minority investor,  Steve Cohen. But according to the NY Post , the deal cooled off.

So the Mets Ownership have been in process for a couple of months and it seems like they are close to getting a legitimate investor/minority owner.

Team ownership has chosen a preferred bidding group led by former commodities trader Ray Bartoszek and investor Anthony Lanza and have been in advanced talks since last week on the proposed deal to sell up to a 49 percent stake in the money-losing team for $200 million, sources told The Post.

The talks are still in process because they have yet to iron out some sticky details, but it could be wrapped up and announced before the end of the month.

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!


Monday, April 25, 2011

Mets could choose winning bidder of minority stake sale in a couple of weeks


NEW YORK - OCTOBER 29:  (L - R) Saul Katz, CEO...Image by Getty Images via @daylife
The Mets are a few weeks from choosing a winning bidder for its minority stake sale, The New York Post reported Saturday.

Several suitors were conducting extensive due diligence, a source close to the Mets said.

The Major League Baseball's owners' meeting was scheduled for May 12, and commissioner Bud Selig would likely be very relieved if the Mets' situation were resolved by that time.

MLB's recent takeover of the cash-strapped Los Angeles Dodgers raised questions on why it was not doing the same with the Mets.

Team owners Fred Wilpon and Saul Katz were not letting all eight suitors from the second round of the auction see the team's full financials, which is what would typically happen at this stage in an auction.

These suitors, as a result, would likely not be able to make a binding offer in a few weeks should the Mets' preferred bidders fall through, sources said.

Sources close to some suitors suspect that the Mets' auction may not be going as well as advertised, although the Mets maintain that it was.

Suitors who made it past the first round include: former Glencore commodity trader Ray Bartoszek; hedge fund honcho Steve Cohen; a group led by Steve Starker, co-founder of trading firm BTIG; and hedge fund manager Anthony Scaramucci.
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Wednesday, April 13, 2011

Hedge Fund Billionare Steve Cohen among bidders for Mets


U.S. hedge fund billionaire Steve Cohen is among the bidders for a minority stake in the New York Mets, according many reports

Cohen, who was born in Great Neck, New York, is a long-time Mets fan, according to the Wall Street Journal, which reported his involvement in the bidding. The person who confirmed Cohen’s involvement was granted anonymity because the matter is private.

Steve Starker, co-founder of the trading company BTIG; Ken Dichter, co-founder of Marquis Jets; and Douglas Ellin, creator of the HBO show “Entourage,” are part of another group that has bid for the Mets, the Journal said.

Another competitor is a group formed by hedge-fund manager Anthony Scaramucci, the founder of Skybridge Capital; and James McCann, the founder of 1-800-Flowers.com, which is a sponsor of the Mets, the New York Times reported.

An investment group led by David Heller, co-head of Goldman Sachs Group Inc.’s securities unit, and Mark Spilker, president of private-equity firm Apollo Global Management LLC, is out of the bidding, the Times said.

The Mets are seeking to raise about "$200 million to cover losses and pay down debt" and "recently requested that potential investors submit nonbinding letters confirming their interest in the team, including their bid price and size of the stake, which could range from 25% to 49%," the WSJ reported.
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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

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