Wednesday, February 22, 2012
Seven Mets shares close ... or not
By Adam Rubin
The Mets have completed the sale of seven $20 million minority ownership blocks, Newsday reports.
The report was immediately disputed. Brian Costa of The Wall Street Journal wrote via Twitter: "Firm commitments, but $ not yet in hand. Mets want to line up three more buyers and close on all 10 sales at once, for total of $200 million, says source with knowledge of process. That said, I'd be surprised if it took much longer. 'They can see the finish line,' source said."
Newsday's Steven Marcus wrote:
The source said the seven units are "signed and sealed." Another source identified one of the investors as billionaire hedge fund manager Steve Cohen. The Mets declined to comment on the status of the sales or Cohen's involvement. A spokesman for Cohen declined to comment.
Either way, it's not clear how much of the investment blocks will be entirely new money with no ties to the organization aside from Cohen. The New York Times previously reported four of the shares will be purchased by SportsNet NewYork, the regional sports channel of which Fred Wilpon and family are the majority owner. Chief operating officer Jeff Wilpon and team president Saul Katz already have purchased shares, according to team sources.
The team issued a statement that read: "As has been our practice, we will not comment on any aspect of the limited partnership sale process."