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SBD/March 21, 2012/Franchises
Mets GM Says Club Will Stick With Budget-Conscious Plans For Restocking Roster
Published March 21, 2012
STICK WITH US: In N.Y., Harvey Araton writes Wilpon's "pleas to Mets ticket-buyers to 'stick with us' demonstrated a willful blindness to the bond that exists -- or really doesn’t -- between owners and fans." But the "more likely outcome is that suffocating financial realities will continue." Beyond potential payments to Picard, the franchise has a "mountain of debt to deal with in the coming years, hundreds of millions in principal on loans against the team, its cable network SNY, along with Citi Field." Even if Wilpon and Katz "end up paying nothing to Picard under the terms of their settlement, there could be an ethical taint." Wilpon "could spend the next few years climbing trees, saving cats and parking fans’ cars," but they "won’t stick with him if his team can’t play" (N.Y. TIMES, 3/21).
WELCOME TO THE CLUB: The WALL STREET JOURNAL's Brian Costa cited a source as saying that Clear Channel Communications Chair of Media & Entertainment Platforms Bob Pittman and Huffington Post co-Founder Kenneth Lerer are among "several investors who combined to purchase one $20 million stake in the Mets." The team "completed the sale of 12 minority stakes" in the franchise for $240M last week. The club publicly acknowledged the deals for the first time Monday, but "declined to identify any outside investors." The only "previously known outside investor" is SAC Capital Advisors Founder Steven Cohen, who also is part of a bid group still in contention to purchase the Dodgers (WALL STREET JOURNAL, 3/21).