Updating last week’s report that Mets co-owner Saul Katz was looking to sell his interest in the franchise, a claim that was refuted by the team, Josh Kosman of the New York Post writes:
Word around Major League Baseball is that Katz recently tried unsuccessfully to persuade brother-in-law and fellow owner Fred Wilpon that they should sell majority control, a baseball executive said.
Kosman adds that Wilpon balked at the move largely because he wants to turn over control of the team to his son, COO Jeff Wilpon
Where there’s smoke there’s fire.
At 77 years old, and having children with no interest in owning the team, it would behoove Katz to get out sooner rather than later.
When that happens, there’s a strong chance that the Wilpons could lose majority control if they are unable to buy him out.
I don’t think this story is going to go away.
The Mets denied a story in the New York Times that claimed team president Saul Katz had expressed a desire to sell his stake in the franchise.
“There is no truth to the reports of any intention of selling,” Katz said in a statement issued by the team.
“I have no intention of selling my share nor have I ever had any intention of selling my share.”
Katz owns a majority share along with his brother-in-law and CEO Fred Wilpon.
Mets co-owner Saul Katz is “tired of infusing millions” and therefore wants to sell his portion of the team, according to a report from the New York Times which you can read here.
If Katz were to sell, it could very result in his brother-in-law Fred Wilpon losing majority interest in the franchise, a reason why the Times says he “has been reluctant to sell.”
The Mets organization has denied the report and did not make the 75-year old Katz available for interview. Mets spokesman David Newman told the Times there is “no truth” to the report and that Katz is “definitely not selling.”
In order to raise funds to pay off debts to both Major League Baseball and Bank of America, Wilpon and Katz sold 12 minority shares $20 million apiece in March 2012, after which the pair maintained roughly a two-thirds ownership stake.