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According to Sportico, Major League Baseball “has pre-approved seven groups as qualified bidders” for the New York Mets and the team’s “preference is to close a deal before the end of the year”.
The identities of said bidders have not been revealed. Per Sportico’s report — via an anonymous source familiar with the proceedings — all groups “must sign non-disclosure agreements as a part of the process”.
The Mets, majority-owned by the Wilpon and Katz families since 2002, has been the subject of ongoing sale rumors since a previously agreed upon deal with billionaire hedge fund investor Steve Cohen fell through in January.
The $2.6 billion deal for 80 percent of the team with Cohen broke down due to disagreements over the transfer of power — a five-year window for Fred and Jeff Wilpon to remain in positions of influence, and on the payroll — as well as a reported late attempt via Cohen to change the parameters of the deal.
Since that proposal fell through, the Mets have fallen on tougher times financially than they were already embroiled in. Due to the ongoing COVID-19 global health crisis and the subsequent screeching halt of MLB operations, the Mets — already hemorrhaging money, per reports — are struggling to pay their bills.
The Wilpons’ $250 million JPMorgan Chase loan was in danger of defaulting earlier this month — reportedly awaiting a one-year payment extension — and whispers of oncoming capital calls have been swirling for months, leaving the Mets in a precarious position.
A notion to sell the team has now evolved into an inevitable need to sell, and it appears folks are beginning to line up for their chance at owning the Mets.
Power couple Jennifer Lopez and Alex Rodriguez, who has been working with JPMorgan Chase to facilitate funding, most recently tabbed Vitaminwater co-founder and Queens native Mike Repole as a potential investor.
David and Simon Reuben, real estate investor brothers, have also been reported as potential bidders, though where their interest lies — in the team or in the surrounding Willets Point properties — remains to be seen.
Co-owners of the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils — as well as minority owners of Crystal Palace FC of the English Premier League — Josh Harris and David Blitzer, reportedly remain in the picture, as well.
According to Laura Goldman (Twitter), a freelance producer for ABC News and former stockbroker, Cohen also remains intent on making a run at the Mets, though his approach may not be as “aggressive” as his previous over-the-top offer for the team sans its golden goose regional sports network, SNY — which is reportedly on the table in current discussions.
We will keep you posted with new information as it becomes available.
Sell the fucking team already.
No one fucking likes the Shitpons... Give it to someone who actually has $$$$ and willing to spend it.
I'm so blown Cohen is now out... Augh...
This post was edited by ShampooMonK on Jun 30 2020 04:18pm