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

Saturday, September 10, 2011

Mets Owners believe they can sell stakes in team before the end of year

According to the NY Post, The Mets owners are confident they will be able to sell several $20 million to $30 million stakes in the team by the end of the year..

In a Sept. 8 conference call with lenders, Mets banker Steve Greenberg “sounded very confident” the struggling team would be able to raise the money through the deals by Dec. 31, according to a source on the call.

The lending group, owed $500 million, did not press Greenberg or the team for additional fund-raising.

“There is an expectation of progress before the end of the year,” the source said.

Saturday, September 03, 2011

The Mets will be selling 10 Shares at $20 Million each

$20 Million
Newsday's Steven Marcus reports the way the Mets will sell ownership shares is in $20 million blocks that each would be worth 4 percent of the team.

So the 10 shares at 4 percent each would yield $200 million for 40 percent of the team, and match the investment dollars David Einhorn had pledged. Why not that route from the beginning Writes Marcus:

The Mets initially considered selling unit shares, but, the source said, "There was so much interest from big hitters who could write a $200 million check." Most of those willing to put up the full $200 million sought significant say in the baseball operations, the person said, and Wilpon and Katz decided to abandon that strategy after the proposed deal with Einhorn fell through. According to the source, the team has a list with up to 50 parties who expressed interest in a smaller share when the announcement about selling a portion of the team was made in January. "There was a tremendous amount of interest from people who said, 'I can't do $200 million; I'd love to do a smaller amount and have the fun of being a part-owner.' [The Mets] are pretty confident there is a lot of interest in these units."
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