Showing posts with label Mets owners friends and family. Show all posts
Showing posts with label Mets owners friends and family. Show all posts

Wednesday, January 11, 2012

Mets closing in on sale of five $20 Million minority shares


The Wilpons and the New York Mets are reportedly close to receiving some much-needed financial help.

According to the New York Daily News, the club is on the cusp of finalizing “at least five” minority shares at $20 million apiece.

Following the collapse of last summer’s deal with hedge funder David Einhorn, the Mets turned their efforts toward raising $200 million bit by bit, through the sale of $20 million non-controlling minority shares.

Major League Baseball gave the team a $25 million loan last year, which has yet to be repaid. New York also took out a $40 million “bridge loan” from Bank of America in December.

Though he wouldn’t disclose a timeframe, Mets general manager Sandy Alderson recently admitted the Mets lost $70 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.

Thursday, September 01, 2011

Mets owners family and friends might get a piece the pie


ESPN NY's Adam Rubin reports now that David Einhorn is out of the loop for minority partner, the Mets no longer are looking to sell one chunk of the team for $200 million or more.

Instead, sources familiar with the organization's plans said Fred Wilpon and family will sell small blocks of the team to multiple family members and friends that add up to roughly the same amount.

ESPN's Adam Rubin explains, one family member may purchase a $20 million block, a friend $15 million, etc. There will be no means to majority ownership. (If reported runner-up Ray Bartoszek wants a piece, he must now buy one of the smaller shares -- not the large chunk Einhorn was set to purchase, or that was originally discussed with Bartoszek.) There is confidence small purchases can be made quickly, as to not affect the team operations, and with no Major League Baseball obstacles. The money would go to MLB and bank loans and to stabilize the franchise.

I guess it's good to have friends and family that can give you 20 Million each, eh 
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