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.
6 comments
Anonymous
12/21/2011-10:59pm at 10:59 pm (UTC -4)
I’d hold out for “Jeff Wilpon will rake your lawn in the Fall perk”.
Wow, just, wow. The terms of ownership being a loan with slim to none of a chance to recoupe your investment with interest. Who in the world would sign up for that garbage given Sterling Equities less than sterling performance in running this franchise.
On the plus side I may just adopt this day as start the clock on the end of the Wilpons ownership if this is what they are counting on for investors. If no investors combined with a continuing a stripping down of their assets could force MLB to step in despite Buds desire not to. I say the have to sell talk starts for real at the end of March. I can dream at least.
Anonymous
12/21/2011-11:18pm at 11:18 pm (UTC -4)
Alright Haz, that first line made me LOL!
What we really need is, dare I say, a Steinbrenner type. Someone to buy a minority ownership and end up being the loudest voice in local sports, eventually moving out, and then buying out the Wilpons from control of the team. Hopefully that person won’t think as George did that he knows more about the GAME and how to run a TEAM than everyone else BUT this mess ain’t gettin’ better until Fred AND Sonny Boy are gone. Fred has always seemed like a good man and has been a good owner BUT this mess that he’s created for himself has, is and will continue to cripple this team and any realistic chance to build a winner. You can see he desperately wants to hold on and pass this team down fully to Jeff…That too would also be a disaster.
He’s in over his head as Boss AND his judgement as the person who put his father together with Madoff in the first place says all you need to know about this guy. Wow…What a friggin’ mess!
Anonymous
12/22/2011-1:47am at 1:47 am (UTC -4)
I honestly don’t see how Fred thinks Jeff wouldn’t lose the team anyway in no time if he had sole control.
MetsFan4Decades
12/22/2011-2:51pm at 2:51 pm (UTC -4)
My sentiments exactly.
Anonymous
12/22/2011-2:35am at 2:35 am (UTC -4)
I seriously find this hard to believe.
Could it be a hoax?
Access to Mr Met? A parking space? A business card?
This is supposed to appeal to the ultra-rich and successful?
This is either a hoax or the Wilpons are farther out of touch than any of us ever imagined.
Anonymous
12/22/2011-3:29am at 3:29 am (UTC -4)
that’s what I thought, but I really wasn’t paying close attention!