According to the Daily News, 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, baseball officials familiar with the transactions told the Daily News.
Major League Baseball has vetted and approved the investors, and the team is expected to close those sales and raise more than $100 million within the month, the officials said.
The Mets will likely look to sell at least five additonal minority shares for another $100 million and could expand that total, according to sources. The process, described by one source as “rolling,” has no set conclusion or limit on how many shares will be sold.
Coincidentally, this morning Jessep asked me about this via email:
Mike – If they dont have investors soon I dont understand how they can possibly hang onto this team after LAD is sold.
Joe D. - They have at least five investors, the only thing is that the deals are still being negotiated and wont get done by January. That’s why it was essential that Selig approve the $40 million bridge loan from Bank of America so they could make the first quarter debt payments through end of March.
That was based on information I came across last month.
Basically, as I pointed out in previous posts, that $40 million dollar loan was a lifesaver for the Wilpons and all this talk about bankruptcy is entirely overblown right now.
CRG is in the turnaround business not the bankruptcy business.
The Rangers waited too long and it was too late for CRG to help them. Plus Bud wasn’t as eager to help the previous Rangers owner stay in control as he is with longtime friend Fred Wilpon.
Like it or not, things keep looking up for Mets ownership.