SBD/March 8, 2011/Franchises

1-800-Flowers Boss Leading Bid For Minority Stake In Mets

McCann's 1-800-Flowers sponsors the Kiss Cam during Mets games at Citi Field
1-800-Flowers.com Founder & Chair James McCann is a "lead investor in a group seeking to buy a piece" of the Mets, according to sources cited by Lattman & Cowan of the N.Y. TIMES. McCann's group includes asset-management company SkyBridge Managing Partner Anthony Scaramucci, among others. The sources indicated that the group has submitted an application to MLB "to see the Mets' books, and is awaiting approval in a week or so." For now, it is "not seeking a controlling stake in the team and is positioning itself as a friendly investor." 1-800-Flowers has "for years sponsored the Kiss Cam promotion at Mets games," while fans of the team also have "received promotional discounts to buy flowers through the company." Lattman & Cowan note with his company showing a net loss of $4.2M for the fiscal year that ended June '10 on revenue of $668M, it is "unclear how much McCann might be willing to contribute to a potential bid by his investment group" (N.Y. TIMES, 3/8). Meanwhile, Glaceau co-Founder Mike Repole reiterated yesterday that he "won’t consider bidding for a stake in the New York Mets unless the team’s owners change the terms of the sale." Repole said that he "isn’t interested in investing in the Major League Baseball club if he has no say in its operations." He added, "Twenty-five percent and no real voting power, no real control; it’s cheaper to buy front-row tickets. If the deal changes, they know where to find me" (BLOOMBERG NEWS, 3/8).
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