In an article written by Matthew Futterman, Michael Rothfeld And Chad Bray of The Wall Street Journal they report that according to a person involved with the planned transaction the Mets hope to complete the partial sale of the team by June.
Feb 01
Mets Hope to Complete 25% Sale Of Team By June
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7 comments
stickguy
2/2/2011-10:32am at 10:32 am (UTC -4)
good luck with that.
after reading a lot of the Times pieces, I wonder how much they would really generate (in cash) selling 25%? It seems that the club is mortgaged to the max, which would limit how much cash you actually will get.
given how entwined club business seemed to be with Bernie, and how many financial tricks they used, it should be interesting figuring out what you are actually borrowing. Heck, for 200 mill, you should get the entire club (along with the debts!)
regardless of how it shakes out, just get it done quickly. If nothing else, Selig being in the middle of it should expedite the ownership change process.
njstuckintx
2/2/2011-10:34am at 10:34 am (UTC -4)
Also, who the heck would want to invest that much money to be a non-controlling member of an organization that has shown it hasn’t been the smartest in their financial dealings? I’m thinking someone is going to want 50%+ or nothing.
Ceetar
2/2/2011-10:38am at 10:38 am (UTC -4)
The Wilpons hired someone to take care of this, and they all know the finances and the situation better than we do. Plenty of people invest in things they don’t control though, and the Mets aren’t exactly hemmorhaging cash, even if the Wilpons are. And if you look at how much value has increased in the last decade or so, or longer, it could easily shoot up quite abit, particularly if they win.
stickguy
2/2/2011-10:53am at 10:53 am (UTC -4)
like ceetar said, people will invest for the potential return. And don’t discount how hard it is to get a major stake in a MLB team, and especially a premiere team (like the Mets still are).
I assume the buyer would also insist on a rights of first refusal, so if they want the whole team, they would be gambling that the Wilpons would have to sell out entirely soon.
Or, most likely the sharks are sniffing the water looking for a distress sale price, hoping to cash in quick when things stabalize. ALl that really has to happen is for the wilpons to settle their suit and get the finances in order (with the sale cash), and have the Mets make a run to the playoffs, for the cash to start pouring in again.
njstuckintx
2/2/2011-11:00am at 11:00 am (UTC -4)
I understand about investing in something that has a potential return. Risks/rewards and this market for a baseball team is probably going to make you money, no matter what. I’m just saying that I’d be leery of giving my money to someone that just got out of a Ponzi scheme (be it knowingly or unknowingly).
metsfan4decades
2/2/2011-10:48am at 10:48 am (UTC -4)
I’m no financial whiz in the accounting world but this sale to investors by June seems a little aggressive to me.
hazmet
2/2/2011-8:19pm at 8:19 pm (UTC -4)
I’m holding out for a posting of the Mets EBITDA numbers since 2002…not. My head is starting to hurt from all this nonsense. Now investing deferred salary payments in Madoff and earning interest on the profit from those gains, oh lord enough already…..