Showing posts with label Mets seek buyer. Show all posts
Showing posts with label Mets seek buyer. Show all posts

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 02, 2011

Mets hope to sell 25% Stake by End of June

PHILADELPHIA - OCTOBER 27:  Major League Baseb...Image by Getty Images via @daylife
According to The Wall Street Journal, the New York Mets hope to complete the sale of up to a 25% stake by the end of June, according to a person involved with the planned transaction, as the baseball team seeks funds to make up for a potential settlement related to investments with fraud figure.

Mets owners Fred Wilpon and Saul Katz met with Major League Baseball Commissioner Bud Selig and his lieutenants Tuesday in what was described as an effort to update Major League Baseball on the Mets' financial problems and the owners' plans to sell a minority stake in the team, which they revealed Friday.

They discussed the Mets owners' exposure from a lawsuit by the court-appointed trustee gathering assets for victims of Mr. Madoff's Ponzi scheme, according to people with knowledge of the meeting.

The people described the meeting as "cordial," noting that Messrs. Wilpon and Selig are longtime friends. Afterward, the men attended a benefit lunch at New York's '21' Club.
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