Photo: Wall Street Journal
According to SporticoMajor 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 those bidders have not been disclosed. According to Sportico’s report, through an anonymous source familiar with the procedures, all groups “must sign confidentiality agreements as part of the process.”
The Mets, majority-owned by the Wilpon and Katz families since 2002, have been the subject of ongoing sale rumors since a previously agreed deal with billionaire hedge fund investor Steve Cohen failed in January.
The $ 2.6 billion deal for 80 percent of the team with Cohen was broken due to disagreements over the transfer of power, a five-year window for Fred and Jeff Wilpon to remain in influential positions and on the payroll, as well as a late attempt report through Cohen to change the parameters of the deal.
Since that proposal failed, the Mets have fallen into more difficult financial times than they were already involved in. Due to the current global health crisis of COVID-19 and the subsequent disruption of MLB operations, the Mets, who are already bleeding, are reportedly struggling to pay their bills.
The Wilpons’ $ 250 million JPMorgan Chase loan was in danger of default earlier this month, reportedly pending a one-year payment extension, and rumors of impending capital calls have been whirling. for months, leaving the Mets in a precarious position.
The notion of selling the team has now become an unavoidable necessity to sell, and it seems that people are starting to line up for a chance to own the Mets.
The powerful couple Jennifer Lopez and Alex Rodriguez, who has been working with JPMorgan Chase to facilitate financing, recently named Vitaminwater co-founder and Queens native Mike Repole as a potential investor.
David and Simon Reuben, brother real estate investors, have also been reported as potential bidders, though it remains to be seen where their interest is, in the team or in the Willets Point properties.
Co-owners of the NBA’s Philadelphia 76ers and 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 also remain in the picture.
According to Laura Goldman (Twitter), an independent ABC News producer and former stockbroker, Cohen also plans to run to the Mets, though his approach may not be as “aggressive” as his previous overblown offer to the team without his golden goose. Regional sports network SNY, which is reportedly on the table in current discussions.
We will keep you informed with new information as it becomes available.
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