SBD/December 21, 2011/Franchises

Prospective Mets Investors Will Receive Perks, Including Time With Mr. Met

Ownership benefits are laid out in term sheet given to prospective partners
The Mets have been seeking 10 or so minority partners and some of the “perks” that will come from investing $20M to buy 4% of the team are outlined by Richard Sandomir of the N.Y. TIMES. They include access to Mr. Met, the team mascot; a business card with designation of “Owner” and access to a fantasy camp called “Owners’ workout day.” The “benefits of ownership are laid out in a term sheet given by the Mets’ owners to prospective partners.” In addition, a single parking spot at Citi Field is reserved, and a “chance to throw out a game’s first pitch will be an annual privilege.” Every minority owner “will be assigned a team executive, who will be charged with tending to an array of possible needs.” But “season tickets for family members” will cost money beyond the $20M investment. Each minority partner will receive one luxury box at Citi Field, as well as “one free trip with the team during the regular season,” one free weekend’s stay at spring training; and “a lot of potential lunch dates -- with broadcasters and former players.” Sandomir: “A luncheon with the manager and general manager? Off-season only, the document says. Merchandise? Discounts, but not giveaways” (N.Y. TIMES, 12/21). ESPN’s Tim Legler and Marcellus Wiley today discussed the perks involved with being a minority partner. After hearing the stake does not come with Mets tickets, Legler said, “You’re going to ask somebody to fork over 20 million bucks and you don’t even get tickets? And where is that one parking spot? Who knows, it could be in Long Island.” Wiley said, “No wonder they’re under financial problems right now, if this is the proposal right here. I guess the 4% is all you should care about. ... Everything else, all these side perks, they’re almost insulting.” Legler: “Access to Mr. Met? For 20 million bucks you might come by my house and see him mulching my beds” (“SportsCenter,” ESPN, 12/21). Read the full term sheet.

LEAVING THE GULF: The Mets yesterday announced that they are "eliminating their minor league team in the Class A Gulf Coast League," which will save them $750,000-800,000. The Mets "were one of only three major league clubs with nine minor league teams" (NYTIMES.com, 12/20).
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