Sports

Sad: Wilpon Wants to Sell off Mets Stake… in $20M Chunks

If you can’t sell one large part of a baseball team to one buyer, you should be able to sell lots of parts to several buyers, right? Wait, what?

That’s the logic behind Fred Wilpon and Saul Katz’s new Mets sales strategy. And it makes next to no sense.

As you may recall, earlier this month, Wilpon and Katz ended exclusive negotiations with hedge funder David Einhorn, who had been on track to provide some kind of financial respite for the cash-strapped fustercluck franchise.

At the time, the move seemed almost entirely illogical, considering how much hot water the Mets ownership is in vis a vis, you know, being friends with Bernie Madoff. And now that they’ve elaborated on their decision, well… it still makes no sense.

Mets banker Steve Greenberg explained in a conference call that the team ownership now wants to sell little $20 million to $30 million chunks of the team off to several buyers, according to the New York Post. Never thought you’d hear “$20 million” and “little” in the same sentence, eh?

There is just one minor problem with this plan though, as the Post points out: all the people they’d want to get bidding on the team… well, they already bid before. And got shot down — or told Mets they didn’t want a stake anyway. And they probably don’t have the best taste in their mouths over the whole situation.

After all, wasn’t it former bidder Steve Cohen who gave the Mets the ultimate “eff you” by dining with a Yankee after getting turned down on his offer? One would imagine there are more of his inclination out there.

TAGS: fred wilpon selling | mets minority stake | mets selling stake | mets stake sale

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