Showing posts with label Mets Selling Shares. Show all posts
Showing posts with label Mets Selling Shares. 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."

Wednesday, February 23, 2011

Mets may sell more than 25 percent of team

According to Richard Sandomir and Ken Belson of the New York Times, the Wilpons and Mets team president Saul Katz are willing to sell more than 20 to 25 percent of the team as long as they hold the majority.

"Let's just say that a noncontrolling stake could be north of 25 percent," said Steve Greenberg, who is advising the Mets on the sale.

Time for a process of sale like this (according to the NY Times) can take awhile.  Bidders have to get a background check from Major League Baseball, which includes their Financial records so they can prove they can back their financial investment.

The Times is claiming that the portion (25%) which the Mets are looking for can run about $100 Million.

Then once the bidder is approved by all owners and MLB the bidder can examine all the Mets Financial Books. Bidders can adjust their expectations on what to offer for a piece of the club, or walk away.

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.

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