Showing posts with label Potential Buyers. Show all posts
Showing posts with label Potential Buyers. Show all posts

Wednesday, April 13, 2011

Hedge Fund Billionare Steve Cohen among bidders for Mets


U.S. hedge fund billionaire Steve Cohen is among the bidders for a minority stake in the New York Mets, according many reports

Cohen, who was born in Great Neck, New York, is a long-time Mets fan, according to the Wall Street Journal, which reported his involvement in the bidding. The person who confirmed Cohen’s involvement was granted anonymity because the matter is private.

Steve Starker, co-founder of the trading company BTIG; Ken Dichter, co-founder of Marquis Jets; and Douglas Ellin, creator of the HBO show “Entourage,” are part of another group that has bid for the Mets, the Journal said.

Another competitor is a group formed by hedge-fund manager Anthony Scaramucci, the founder of Skybridge Capital; and James McCann, the founder of 1-800-Flowers.com, which is a sponsor of the Mets, the New York Times reported.

An investment group led by David Heller, co-head of Goldman Sachs Group Inc.’s securities unit, and Mark Spilker, president of private-equity firm Apollo Global Management LLC, is out of the bidding, the Times said.

The Mets are seeking to raise about "$200 million to cover losses and pay down debt" and "recently requested that potential investors submit nonbinding letters confirming their interest in the team, including their bid price and size of the stake, which could range from 25% to 49%," the WSJ reported.
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Saturday, April 02, 2011

Mets Might Have Some Star Power Behind Them in the Future?


All the groups approved by Major League Baseball to bid on a stake in the Mets that have been publicly idenfitied have big time investors of major investment groups. Most of them being connected in some way with Goldman Sachs.

Only one group of bidders that includes "Entourage" executive producer Doug Ellin  has star power.

Things are getting tight financially, Mets want a deal fast


NEW YORK - OCTOBER 29:  (L - R) Saul Katz, CEO...Image by Getty Images via @daylife
Mets owner Fred Wilpon wants to select a minority-share partner by the end of this month, two people with knowledge of the talks said Friday.

There is a sense of urgency about the timetable because the team has mounting financial obligations, starting in June when a payment estimated at $21 million is due on the bonds that financed Citi Field, according to the New York City Industrial Development Agency's most recent audited financial report.

In addition, the Mets took out a $25 million loan from Major League Baseball last November because the team had used up its $75 million line of credit. Forbes magazine has reported the Mets have $450 million in debt.

Money from the partial sale -- estimated at $200 million -- will be earmarked to finance the team's day-to-day operations and to pay down debt, said a person familiar with the sale discussions.

The Mets also must now begin paying salaries to players, who are not paid during the offseason or spring training. The Mets have a 2011 payroll in the vicinity of $140 million, which averages to around $11.6 million doled out every two weeks.

Video: About Potential Buyers

Wednesday, March 30, 2011

Mets Seeking $200 Million, Eight to Nine Bidders have been approved by MLB


The Major League Baseball logo.Image via Wikipedia
According to the NY Times,  the Mets are seeking $200 million for a minority portion of the team — a badly needed cash infusion that the team’s owners would pour directly into the club’s operations and use to pay off some of their debt, according to a person briefed on the sale process.

The owners of the team are also telling potential bidders that they might sell a portion of SNY, their cable network, but that such a negotiation would take place separately from any deal for the team, and would probably not be seriously contemplated for a year or two.

The owners believe that they can get more for a stake in the profitable SNY if it is not packaged with the team, the person said.

Some of the eight or nine bidders approved by Major League Baseball to bid on the Mets have been identified:

Tuesday, March 22, 2011

Former Goldman Sachs Execs lineup for a piece of the Mets


The NY Times lists the candidates approved by baseball to look at the Mets’ records — three of whom have personal connections to Goldman Sachs, which has deep ties to the Yankees — include:
  1. David Heller, the global co-leader of the securities division at Goldman, whose group includes Marc Spilker, a former senior Goldman executive who is now the president of Apollo Global Management, a large private equity fund. Heller’s group was the first to see the Mets’ records.
  2. Steven Starker, a co-founder of BTIG, a global trading firm in which Goldman has a minority ownership. His consortium includes Kenny Dichter, a co-founder of Marquis Jets; Doug Ellin, the creator of the HBO show “Entourage”; and Randy Frankel, a minority owner of the Tampa Bay Rays.
  3. James McCann, the founder of 1-800-Flowers.com, which is a Mets sponsor, and Anthony Scaramucci, a former Goldman executive who runs the hedge fund firm SkyBridge Capital.
  4. Marc A. Utay, managing partner at Clarion Capital Partners, a private equity firm, and Leo Hindery, the first chief executive of the YES Network, who is a private media investor. From 2008 to ’09, they mounted an unsuccessful bid for the Chicago Cubs. (Goldman is part-owner of YES.) 
Over the next week to 10 days, five to eight possible bidders for a minority stake in the Mets will take a first step to making an offer by examining the team’s financial records.  The Mets have been asking for $200 Million for the 25% share.

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 02, 2011

Names of Potential Owners Given to MLB


According to the New York Post, some of the names on the list of potential Mets owners given to MLB for review have emerged.

One group including David Heller, co-chairman of Goldman Sachs, has met with Steve Greenberg twice. Greenberg is the managing director at Allen & Co. hired by the Mets to find a buyer.

Another group includes the co-founder of the global trading firm BTIG, Ken Dichter, the co-founder of Marquis Jet and other New York professionals.

A third group includes Bobby Valentine, which is being led by Anthony Scaramucci, the general manager of asset manager SkyBridge Capital.

Tampa Bay Rays majority owner and Brooklyn native, Stuart Sternberg has been speculated as being on the list but he refutes the claims stating that "the Wilpons have been great owners and I have no interest in buying the Mets."

The MLB will make sure the candidates have the financial resources to purchase the interest in the team and conduct background checks. Unlike employment background checks which take 1-3 days, these checks can take months. They also look at "intagibles," things that might be completely legal, such as ownership in a casino which would make a bad fit for baseball.

If an investor group passes the vetting process, the owners are then asked to meet with the owners of the Mets to discuss the terms of the deal.

Friday, February 11, 2011

You can take two off the potential buyers list : Seinfeld, Bloomberg


As many bloggers reported that Jerry Seinfeld and Michael Bloomberg may have interest in buying the Mets, those tales can be laid to rest.

According to the CBS Sports Desk,  NYC Mayor Michael Bloomberg was quoted as saying,

“I don’t think I should own a baseball team,” Bloomberg told reporters on Thursday. “I have tickets to the Mets and Yankees for my daughters to go and I enjoy baseball and a beer and a box of popcorn there, but you can rest assured that I’m not going to buy a baseball team or have an interest in it.”

Tuesday, February 08, 2011

Rumor: Super Group Looking to Buy Mets?


Adam Lowenthal of Mets Fan Forever says a Financial Source has told him that a investor group led by Martin Luther King III  including Ed Kranepool, Charles Dolan, Mark Cuban, Peter Kalikow and others are making an offer, as early as tomorrow, to purchase 100% of the Mets and SNY TV.

I love these rumors...Lets see what happens, if it happens........

Sunday, January 30, 2011

Potential Mets Buyers have Emerged


One person is Mike Repole, who owns Kentucky Derby entrant Uncle Mo and made a fortune with the sale of Vitaminwater to Coca-Cola, according to the Daily News.

The Post countered by identifying Martin Luther King III, son of the late civil rights leader, as a potential buyer.

That group reportedly also would include Ed Kranepool and Donn Clendenon Jr., son of the ex-Met. However, that group wants at least a 50 percent stake, according to the newspaper, which is not what Fred Wilpon said is for sale.

Finally, multiple reports name Martin Silver, owner of Georgi Vodka, who has been outspoken for a while in wanting to purchase the club.
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