The Mets are "seeking $200 million for a minority portion of the team," according to a source cited by Sandomir & Waldstein of the N.Y. TIMES. The Mets' owners also are "telling potential bidders that they might sell a portion of SNY, their cable network, but that such a negotiation would take place separately from any deal for the team, and would probably not be seriously contemplated for a year or two." The source said that they "believe that they can get more for a stake in the profitable SNY if it is not packaged with the team." However, the source added that the team "does not need the permission of its partners in SNY, Time Warner Cable and Comcast, to sell a substantial part of its nearly two-thirds interest in the network." Sandomir & Waldstein report the "serious contenders for a piece of the team -- the $200 million could constitute as much as a 40 percent share of the club -- have also been advised that any deal to sell a minority stake will not include a future pathway to acquire the rest of the team," as Mets Owner Fred Wilpon and his son, Jeff, "will retain control." All the potential bidders "have been examining the Mets' financial statements and contracts, looking at the team's future revenue and expenses." The potential bidders' next step, "which will come soon," is to "sign nonbinding letters of intent stating what they are willing to pay." Two sources said that the Mets "lost around $50 million in 2010 and are projected to lose at least that much this season." A "serious problem last year was a sharp drop in ticket sales at Citi Field," but one source said that this season's ticket sales are "up slightly from last year" (N.Y. TIMES, 3/31).
