Twitter was a fire today with the news of the upcoming announcement from the Mets today. In a way it’s a big deal, because they are admitting to the problems they had with the Bernie Maddoff lawsuit and not just saying they are fine fiscally.
The Wilpons are looking to shore up financially by selling a minority interest in the team.
Here’s the press release:
As Sterling Equities announced in December, we are engaged in discussions to settle a lawsuit brought against us and other Sterling partners and members of our families by the Trustee in the Madoff bankruptcy. We are not permitted to comment on these confidential negotiations while they are ongoing.However, to address the air of uncertainty created by this lawsuit, and to provide additional assurance that the New York Mets will continue to have the necessary resources to fully compete and win, we are looking at a number of potential options including the addition of one or more strategic partners. To explore this, we have retained Steve Greenberg, a Managing Director at Allen & Company, as our advisor.
Regardless of the outcome of this exploration, Sterling will remain the principal ownership group of the Mets and continue to control and manage the team’s operations. The Mets have been a major part of our families for more than 30 years and that is not going to change.
As we have said before, we are totally committed to having the Mets again become a World Series winner. Our fans and all New Yorkers deserve nothing less.”
Jerry Seinfeld, you heard it here first.
Would be interesting to see if Doubleday would come back, but wouldn’t mind seeing Mark Cuban in the mix.
no surprise here..wilpons were savaged by madoff and have to start liquidating
Dolan, Dolan, Dolan. Only if he gets SNY too.
Guess ticket sales are not going well. They should have looked to sell part of the team at end of last season then maybe they could have put the new money into the team instead of into their pockets like they will do
Just about anyone but the Dolans.
Would be cool if the Mets followed the path of the Green Bay Packers and went public. I wouldn’t mind being a shareholder in the New York Mets considering the time, money(ticket plan, concessions and merchandise) and emotion I put into caring about this organization. I’m sure they’d have no trouble selling the 25% publicly.
Then they could have shareholders meetings!