The New York Mets have commitments for seven of the 10 ownership shares of $20 million each they are trying to sell to pay off debt and raise capital.
The sale of the limited partnership units will not take place until all 10 can close at the same time, a person familiar with the negotiations said Wednesday. The person spoke on condition of anonymity because talks were ongoing.
New York owes $25 million to Major League Baseball, a loan whose repayment was extended from November until March, and $40 million to Bank of America. The team chose to sell limited partnerships following the collapse of a deal last summer with hedge fund manager David Einhorn.
Steve Cohen, bidding to buy the Los Angeles Dodgers from Frank McCourt, is among those who have committed to become Mets limited partners.
The commitment for seven shares was first reported by Newsday. The Mets hope to be able to complete the sale in the next few weeks.
Mets owners face a trial March 19 on the suit brought by the ...