Showing posts with label Mets potential Buyer. Show all posts
Showing posts with label Mets potential Buyer. Show all posts

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!

Friday, May 06, 2011

Steve Cohen the Front Runner to Buy Portion of the Mets, But he like the Mets has Problems too..

According to the  NY Post ,  billionaire hedge funder Steve Cohen is the front runner to buy the Mets; it seems like the team leaked the info out purposefully to gauge reaction to his status as the "preferred bidder." But seeing as how this is the Mets, you know nothing can go right...because the Wall Street Journal reports that Cohen is also being investigated by federal prosecutors for possible insider trading. Like the Mets need anymore problems.

According to their source, the Post says Cohen really wants in on the team, and see potential in the future: "What he wants he gets. It's a trophy to him but not just a trophy. In time, it can be a real asset."

The Mets refused to say whether he's officially won the bid yet, but other finalists have told the Wilpons in the last week that they believe the Mets are worth less than the $800 million-plus valuation needed to get to a $200 million price for 49 percent of the team.

Cohen, who started his hedge fund in 1992, has routinely made more than $1 billion a year, and has generated average annual returns of about 30 percent over its nearly two decades. Investigators are looking into Cohen after they found that two former portfolio managers at his hedge fund have both pleaded guilty to securities-fraud charges for trading on inside information. This is the first time the Cohen Account has been tied in any way to the larger insider-trading probe.

Friday, April 08, 2011

Mets narrow the potential investors to eight, round two coming up....

NEW YORK - NOVEMBER 13:  A Bernard Madoff New ...Image by Getty Images via @daylife
According to a report in the NY Daily News,  the Mets have narrowed their search for an investor to eight groups, according to a source familiar with the negotiations.

The eight groups have been approved by Major League Baseball and their bids for 25% or more of the team are now in the hands of the Mets' owners.

The groups filed letters of intent with financial analyst Steve Greenberg of Allen & Co., which is handling the sale for the team's owners, spelling out what their interest is and how much they are willing to pay for their stake.

"Now they'll decide who gets to Round Two," said the source. "They are very happy with the numbers they're seeing. There's a range - the low end is marginally acceptable and the high end is very acceptable."

A leading sports-investment banker told the Daily News last week that there are no shortage of interest investors for the club, which is valued by some as high as $1 billion.

"I personally know seven billionaires who love the Mets and would love to own the Mets," said Andrew W. Kline, founder and managing director of Park Lane, a sports-investment bank based in Los Angeles that has advised on a number of professional sports acquisitions, including the San Diego Padres, Tampa Bay Lightning and Miami Heat. Kline said the Mets' recent operating losses - reported to be in the neighborhood of $50 million a year - and the Madoff lawsuit might not have a profound impact on the value of the team or the selling price for a stake in it.

"If we were talking about someone buying, say, a chemical manufacturing firm that had a similar set of factors - a possible Madoff liability and operating losses - it might impact the valuation and the potential buyer would have more leverage," said Kline, who has been advising a client interested in the Mets bidding. "But it's different with sports franchises.... In a city like New York, with so many high net-worth individuals, the price would probably not be affected."

The Mets' owners are expecting to raise between $150 million and $200 million for a stake in the team. The cash infusion from an investor is expected to be used to operate the team, as the Daily News has reported, not to pay off any Madoff liability that might arise out of the litigation or a settlement.

The team would conceivably pay off a $25 million loan it recently got from MLB and some of its bank debt on the club itself. That would leave about $100 million for the team.

"You are not buying a doorknob manufacturer or a distributorship," Kline said of the potential investors. "You are buying the most rare real estate on the planet."

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Friday, March 18, 2011

NY Post: MLB approves at least 3 potential bidding groups

Major League Baseball has approved at least three potential bidding groups, according to the NY Post.

The groups include one led by the team of Goldman Sachs' David Heller and Apollo's Marc Spilker, and another including Steve Starker, co-founder of the global-trading firm BTIG and Ken Dichter, the co-founder of Marquis Jet as potential New York Mets owners, sources said.

At least one or two additional bidders have also been passed along to the MLB Commissioner, and could be cleared to bid for the team, sources said.

Each of the groups were first vetted by Mets investment bank Allen & Co.

Wednesday, March 09, 2011

Former Mets Exec. Paul Danforth is added to the list of potential buyers

Paul Danforth, a former Mets executive who now holds a senior post at CAA Sports, the fast-growing sports division of the Creative Artists Agency of Hollywood, is a lead investor in a group seeking to buy a share of the Mets, according to a person who was briefed on the group’s interest.

Danforth is teaming with, among others, William Montgoris, a former chief operating officer of Bear Stearns, the failed investment bank. Montgoris, who retired from the bank in 1999, is Danforth’s father-in-law.
Montgoris declined to comment, and Danforth denied the report.

Tuesday, March 08, 2011

Might be a Mets Flower-Night in the Future?

A group of investors has expressed interest in buying a 25 percent, non-controlling stake in the New York Mets.

The lead investor is James McCann, the founder and chairman of — a company that happens to be a major sponsor of the New York Mets.

Oh, and McCann's own spokesman describes him as "a very close friend of Fred and Jeff Wilpon."

According to New York Times, a group led by McCann has asked Major League Baseball for permission to see the books, the first step in a possible "friendly" investment in the club.

Experts have long considered it unlikely that any rational investor would buy such a large stake in the team, while the Wilpons continued to insist that they would not give up control. But apparently, they just needed to ask the right friend.

The Mets and have something else in common: The bulb company lost $4.2M last year.

Wednesday, March 02, 2011

CNBC Video : Mooch to Buy Mets?

Skybridge's Anthony Scaramucci is speculated to be in talks to buy the New York Mets. The "Strategy Session" team discusses.

Monday, February 28, 2011

Potential Mets Buyer No Longer Interested

According to the Wall Street Journal,  Michael Repole—the co-founder of Vitaminwater, the chairman of Pirate’s Booty Snacks and Energy Kitchen, and a Queens native—is no longer interested in purchasing a minority share of the Mets, he said in an e-mail interview Sunday.

“Under the right circumstance I would have an interest,” Repole said. “The circumstances now are not right for me.”

Earlier this year, Repole had expressed a desire to buy part of the team to Steve Greenberg, the managing director of Allen & Company, the firm that Mets ownership retained to search for a buyer. Both the Mets and Greenberg are aware, Repole said, that he has changed his mind.

Tuesday, February 08, 2011

Mark Cuban: "No Call From Mets"

Mark Cuban told Newsday on Monday that several investment groups interested in buying the New York Mets have reached out to him in recent days, but he’s still waiting for the only call that matters to him.

But he said he wasn’t interested in joining forces with any of them, at least not until he hears from the Mets that they’re interested in pursuing a partnership with him.

And the Mets, he said, haven’t called.

Last week, the Dallas Mavericks owner seemed intrigued by the prospect of owning the Mets, describing them as “a great franchise in a great city” and calling it “a great opportunity.” But Cuban said he was finished with pursuing major-league teams after failed bids to buy the Chicago Cubs and Texas Rangers in recent years.
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