Sources: Mets Close To Raising $100M Through Sale Of Minority Shares

The Mets are "close to finalizing the sale of at least five $20 million shares in the team, a move that would help pay off $350 million in club debt," according to sources cited by Martino, Madden & Thompson of the N.Y. DAILY NEWS. The sources said that MLB has "vetted and approved the investors, and the team is expected to close those sales and raise more than $100 million within the month." With the funds, the Mets "would raise enough capital to repay $25 million owed to MLB, a $40 million bridge loan to Bank of America and other club debts and operating expenses that have emerged in the wake" of the Bernie Madoff scandal. Sources also said that the team "likely will look to sell at least five additional minority shares for another $100 million and could expand that total" (N.Y. DAILY NEWS, 1/11).