For some time now we’ve heard how the New York Mets are looking to raise around $200 million by selling multiple $20 million minority stakes in the team before the end of February. According to Bill Shaiken of the Los Angeles Times, it appears as though Steve Cohen, “the billionaire investor, in the running for purchase of the Dodgers, is on the verge of buying a share of the Mets. ”
#bbpBox_164926263809679361 a { text-decoration:none; color:#0084B4; }#bbpBox_164926263809679361 a:hover { text-decoration:underline; }Steven Cohen on verge of buying minority share of #Mets, still pursuing purchase of #Dodgers: http://t.co/PQ5QRQr9
about 7 hours ago via webReplyRetweetFavorite
@BillShaikinBill Shaikin
Cohen is expected to spend $20 million on one of 10 shares offered for sale by the Mets’ cash-strapped owners. The Mets are expected to use the proceeds to repay a $40-million loan to Bank of America and a $25-million loan to MLB. If Cohen were to buy the Dodgers, he would have to sell his stake in the Mets.
However, by helping the Mets and principal owner Fred Wilpon now, Cohen could be in a favorable position to buy the Mets outright if the team were put up for sale and the Dodgers were sold to another party.”
I’ve held out longer than most when it came to piling on the anti-Wilpon bandwagon because the years leading up to this I felt as though they did their job as owners; they spent money. Was it spent well? Probably not, but to me that’s more the job of the GM and his staff than the owners. The past 2 years, however, this has not been the case and this offseaoson it has become wildly evident that the team will suffer because they do not have the resources to address glaring needs. That lack of resources is a direct reflection on their ownership situation.
The Mets lost $70 million last year and cut payroll by $52 million this year, and the owners face up to $386 million in potential liability related to the Bernie Madoff scandal, according to reports.”
The time has come to see new blood run through the veins of the Mets ownership and hopefully this will be the beginning of a better situation because frankly, the players as well as the fans deserve as much.
Original Story:
