CBS2-Header-Logo WFAN 1010WINS WCBS tiny WLNYLogo

Mets

Report: Mets Close To Finalizing Five $20M Minority Shares

View Comments
Fred Wilpon, Saul Katz, Jeff Wilpon (credit: Andrew Burton/Getty Images)

Fred Wilpon, Saul Katz, Jeff Wilpon (credit: Andrew Burton/Getty Images)

Mets Central
Shop for Mets Gear
Buy Mets Tickets

MLB Scoreboard
MLB Standings
Team STATS
Team Schedule
Team Roster
Team Injuries

NEW YORK SPORTS HEADLINES

Get our weekday morning briefs direct from the WFAN newsroom
Sign Up

NEW YORK (WFAN) – The cash-strapped Mets are reportedly close to receiving some much-needed financial help.

According to the New York Daily News, the club is on the cusp of finalizing “at least five” minority shares at $20 million apiece.

Following the collapse of last summer’s deal with hedge funder David Einhorn, the Mets turned their efforts toward raising $200 million bit by bit, through the sale of $20 million non-controlling minority shares.

Major League Baseball gave the team a $25 million loan last year, which has yet to be repaid. New York also took out a $40 million “bridge loan” from Bank of America in December.

Though he wouldn’t disclose a timeframe, Mets general manager Sandy Alderson recently admitted the Mets lost $70 million.

Last week, news broke that Mets owners Fred Wilpon, Jeff Wilpon and Saul Katz hired CRG Partners, the company that helped the Texas Rangers through their bankruptcy and sale in 2010. According to the Mets, the firm is not providing any bankruptcy-related services.

Last March, Forbes reported the Mets had lost 13 percent of their worth amid legal and debt problems. Listed by the publication at $858 million in 2010, the franchise was valued at $747 million in 2011.

Your thoughts on the minority share sales? Sound off below…

View Comments