The Mets "want to raise $240 million from selling 12 slices of equity at $20 million each," according to prospectuses the team has sent to wealthy individuals and described by market sources cited by Daniel Kaplan of SPORTSBUSINESS JOURNAL. The sources said that the "mini-equity deals allow the purchasers to put -- or, sell back the shares to the team -- within five years at a 3 percent return and guarantees no capital calls for six years." That means the current owners, the Wilpons, "would cover any funding shortfalls at the team through at least 2017." Sources said that those provisions "gives this equity push a better chance than the prior one." One source projected that the share sale "could be completed during the offseason." Allen & Co.'s Steve Greenberg, who is "handling the equity sale, declined to comment" (SPORTSBUSINESS JOURNAL, 11/7 issue). Mets COO Jeff Wilpon early last week "declined to discuss the progress of the sale of minority shares in the team, other than to characterize it as 'going very well.'" He "declined to identify anyone who has invested at that $20 million level or thereabouts" (ESPNNY.com, 11/5).
CUTTING STAFF: In N.Y., Dan Martin reported the Mets "have trimmed nearly 10 percent of non-player staff, including business, clubhouse and scouting personnel." Sources said that the team has "about 180 non-player employees, of which about 15 have been laid off." Martin noted the layoffs are "another ominous sign for the Mets, who are seeking to cap their payroll at $100 million to $110 million." However, a team source said that the layoffs "will have no effect on player payroll" (N.Y. POST, 11/5). Mets Exec VP/Business Operations Dave Howard said that the team "made the reductions as a result of a combination of reviews on the baseball side and the business side in preparation for next season." Howard: "We want to operate more efficiently as many companies are doing in this time" (N.Y. DAILY NEWS, 11/5). The WALL STREET JOURNAL's Brian Costa cited a source as saying that the baseball operations jobs that were cut were a "combination of scouting and administrative positions" (WALL STREET JOURNAL, 11/5). In N.Y., Richard Sandomir noted the layoffs come "amid speculation that the Mets, with all their financial problems, will not try to outbid other teams to retain" free agent SS Jose Reyes and "will be limited on what they can spend on any other players who will be available" (NYTIMES.com, 11/4).
