The NY Times reported yesterday that the Mets are offering certain perks to potential investors. Among these are:
- Access to Mr. Met
- A business card with the word “Owner” on it
- A parking spot reserved for the “owner”
- An “Owner’s Workout Day,” during which the “owners” will be allowed to take batting practice, etc., at Citi Field
All can be yours for a mere sum of $20 million! The Times claims to have an entire 3-page term sheet that spells out the benefits of owning 4% of the New York Mets, which “includes a mix of complex financial arrangements and, well, simpler stuff.”
The Times, in true Timesian fashion, has decided not to disseminate the entire document, but rather the “simpler stuff,” in order to keep this news in line with the LOLMetz narrative.
The “simpler stuff” is certainly embarrassing from the perspective of a Mets fan, though. ”Access to Mr. Met?” Really?
Besides the “perks,” this deal is hardly ownership. It’s kind of like paying for the ultimate luxury suite – you get unprecedented access to the ballpark and the team, but no actual say in business or on-field operations. The Times article interprets the investment by a minority “owner” as a loan. In the terms document, the Mets promise potential investors “could get their money back after six years with 3 percent compound annual interest included.”
It certainly sounds like a loan, or an investment in a publicly traded company, except in this case, the company gets to choose the investors, and how much of stake they have in the business. And based on what we’ve seen in recent years from Sterling Enterprises, particularly how they handle their finances, getting your investment back after 6 years with interest is no sure thing.
This is the business equivalent of moving Jose Reyes to second base to make room for Kazuo Matsui. In all, it’s just another exhibit in the case against the Wilpons and Saul Katz.