Seems like the rumblings of the sales of minority shares are at it again. Let’s see if this gets done or if its just rumors/doesn’t go forward again.
This is from Andy Martino from the NY 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.
With that, the team would raise enough capital to repay $25 million owned 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 Ponzi scheme scandal.
The Mets will likely look to sell at least five additional 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.
Read the rest of the article here.
The Mets also agreed to minor league deals with Pitchers Miguel Batista and Fernando Cabrera.
I didn’t think thewey would be able to getbthat many people interested. I guess it must have been the “Extra Mets Perks” that put them over the top.
Having Mr.Met at your beckon call -PRICELESS!