SBD/March 22, 2011/Franchises

Mets Owners' Price Tag For Stake In Club Won't Provide Controlling Interest

Mets Owners Fred Wilpon, Jeff Wilpon and Saul Katz "aren't putting up a specific percentage of the team for sale, as has been widely reported," according to a source cited by Michael O'Keeffe of the N.Y. DAILY NEWS. Instead, they are "seeking a specific price to join the club -- a price that will not give the new partners anything close to a controlling interest in the embattled franchise." The Wilpons and Katz "will review financial documents with prospective owners to determine the overall value of the team." The source said that if the owners "are seeking a $200 million investment and the parties agree the team is worth $800 million, the new partner would control 25% of the team." The source added that the "only thing certain about the deal" is that the Wilpons "will continue to call the shots." The source said that "about a dozen investment groups that have expressed interest in buying a minority stake in the Mets have been vetted, or will soon be vetted," by MLB. A deal is "expected to be approved by MLB no later than July and possibly as early as May." An MLB source familiar with some of the groups said that they "appear to be 'stalking horses' who don't have the money to purchase a serious stake in the team but may be fronting for investors who have the kind of money the Wilpons and Katz are looking for" (N.Y. DAILY NEWS, 3/22).
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New York Mets, Baseball, Franchises

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