Saturday, January 05, 2013
The cash infusion, comes thanks to their majority ownership of the SNY regional sports network. One benefit of owning a network like SNY is the ability to borrow money against it. SNY’s annual revenue is in the hundreds of millions of dollars because of monthly subscriber fees that keep increasing regardless of team performance.
The resulting stability and financial muscularity of SNY and similar networks make them low risks to banks. Late last month, SNY refinanced $450 million in existing bank loans at lower interest rates and borrowed at least $250 million more. With their 65 percent ownership of SNY, Wilpon and Katz should have walked away with about $162.5 million. The refinancing was first reported Friday by Bloomberg.
The Mets could use the money to either pay back loans or working capital... A New York Times report suggest the Mets can also get into the Free Agent Market, especially the outfield market...
The best free-agent outfielder still available, by far, is Michael Bourn, the 30-year-old, left-handed-hitting center fielder who hit .274 for the Atlanta Braves last season with 42 stolen bases. But Bourn is looking for big money, perhaps as much as $100 million in a multiyear deal, and is represented by the uncompromising Scott Boras, so rule the Mets out.....
But then again, Vince Gennaro, a consultant to several major league teams, suggested the Mets should at least think about Michael Bourn, particularly if he remains unsigned as spring training draws closer and his price drops.
Wednesday, March 02, 2011
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.