Showing posts with label Mets Ownership. Show all posts
Showing posts with label Mets Ownership. Show all posts

Wednesday, February 08, 2012

Mayor Bloomburg not interested in buying the Mets


Mayor Michael Bloomberg could afford to buy the Mets, but that's one job that he's not looking to step into after he leaves City Hall.

The mayor was asked by a reporter on Wednesday if he'd be interested in buying the team.

Bloomberg said he enjoys attending Mets games, but he can't figure out "why anybody wants to own a sports team." He said he already faces tough scrutiny from the press without owning a team.

The Mets have been in financial turmoil following three seasons of losing records at Citi Field and a lawsuit filed by the trustee seeking to recover money for victims of the Bernard Madoff Ponzi scheme. A trial is scheduled for next month; the trustee is seeking $386 million.

Tuesday, December 13, 2011

Mets to get a cash in January from minority owner shares?


Sandy Alderson said Wednesday that he expected the Mets to get a cash infusion in January when sales to minority investors are expected to close.

Sources familiar with the process recently told ESPNNewYork.com that Fred Wilpon and family had commitments from seven investors to purchase $20 million blocks of the team.

The Mets recently took out a $40 million "bridge loan" from Bank of America in order to have cash on hand until the sales are complete to pay items such as a $25 million bond interest payment owed on the stadium this week.

Tuesday, September 27, 2011

Mets block Yankees’ minor-league team move to New Jersey


A New Jersey official says Newark nearly got to be home to the Yankees’ top minor-league team for 2012, but the deal was blocked by the Mets.

The team needs a temporary home while its regular one, PNC Field in Scranton, Pa., is repaired.

Essex County Executive Joseph DiVincenzo says Yankees officials contacted him last month about playing in Eagles & Bears Riverfront Stadium, which is owned by the City of Newark and Essex County.

DiVincenzo says the Mets invoked territorial rights to halt the deal. The drama was first reported by The Star-Ledger.

The top elected official in Essex County says he’s disappointed because a residency by the Triple-A team could have boosted the local economy and given more children a chance to see future Yankees play in person.

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.

Tuesday, July 12, 2011

Bud Selig Approves Mets Ownership Deal with Einhorn


Major League Baseball commissioner Bud Selig said Tuesday that he will approve the partial sale of the Mets to hedge-funder David Einhorn once the deal is finalized.

The sale of a $200 million minority stake in the club has taken longer than expected to complete. Einhorn initially said he expected to close the deal by the end of June, and neither side has offered an updated timetable. But once the terms are agreed on, Selig said he won't hold up the deal.

"What the [heck], he played baseball in my backyard. How can I turn him down?" Selig said at a luncheon with baseball writers before the All-Star Game. While growing up in a Milwaukee suburb, Einhorn said he used to play baseball in the backyard of Selig's neighbor.

"Yeah, he's cleared," Selig said. "Now, they have to finish the deal. And by the way, I think they're making very good progress."

Saturday, May 28, 2011

Money Matters: Einhorn's deal provides Mets stability through next year



According to the NY Times, the $200 million from David Einhorn's investment is almost certain to meet the team’s most pressing needs and potentially stabilize its finances at least through next year, several bankers and baseball executives said.

The Mets are expected to use $75 million of Einhorn’s money to retire some of their bank loans and another $25 million to repay a loan, due next month, that the team received from Major League Baseball, according to several people familiar with the team’s finances. This should save the Mets tens, and perhaps hundreds, of thousands of dollars in interest payments.

The remaining $100 million should help with the team’s most urgent issue — paying its players.

With a payroll of about $142 million this season, roughly $12 million in checks must be cut every two weeks. At the very least, Einhorn’s investment would mean that the Mets will have little trouble on that front for the remainder of this season.

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