New York Mets owners Fred Wilpon and Saul Katz, bleeding cash, have been seeking 10 investors willing to put up $20 million each, for a $200 million infusion of money into the troubled franchise.
ESPN New York reports the team might be 70 percent of the way there, or perhaps not:
The report was immediately disputed. Brian Costa of The Wall Street Journal wrote via Twitter: “Firm commitments, but $ not yet in hand. Mets want to line up three more buyers and close on all 10 sales at once, for total of $200 million, says source with knowledge of process. That said, I’d be surprised if it took much longer. ‘They can see the finish line,’ source said.”
The ESPN New York report quoted a Newsday report which had a decided lack of comment:
Another source identified one of the investors as billionaire hedge fund manager Steve Cohen. The Mets declined to comment on the status of the sales or Cohen’s involvement. A spokesman for Cohen declined to comment.
So the Mets either have the money, or they don’t. The report identified the New York Times and one of Fred Wilpon’s sons, as well as Katz himself, as possible buyers of some of the shares.
Sounds like a proverbial rearranging of the deck chairs on the Titanic.