Forgive me if I’m not optimistic about the Wilpons’ chances of finding “strategic partners” who will gladly fork over millions in exchange for a minority share of the team, leaving the Wilpons in control. Why am I skeptical? Because the last time a baseball owner was in deep financial trouble and sought minority investors, it didn’t quite turn out the way he planned:
“I’ve been quietly looking for minority investors to come back into the ownership of the Rangers as a way to be prudent in a bad economy,” [Tom] Hicks said. “I’m doing the same thing with the Stars. At the end of the day, I’ll still have 51-to-60 percent of the ballclub and have new partners. That doesn’t change anything.
A little less than a year later Tom Hicks was being squeezed out completely while Mark Cuban and Chuck Greenberg fought tooth-and-nail for total control of the Texas Rangers.
It’s just a simple fact of investment life: minority shares in non-public entities are not worth anything close to what a controlling interest is worth. Perhaps the Mets, who likely have a much better potential cashflow than most teams, will still be an attractive investment who is merely interested in saying they own a piece of the team. But if the Rangers example is any indication, there aren’t a whole hell of a lot of people who want to be silent partners when the majority owner asking for a handout is in financial distress.
The Mets are an extremely valuable property. Their owners are in financial trouble. This is what most savvy investors call “an opportunity.” It strains credulity to think that people won’t make some offers for control of the Mets that the Wilpons find awfully hard to refuse.
ESPN’s Jerry Crasnick reported on Monday that the Angels have received inquiries from multiple teams concerning starter Hector Santiago. He adds that the club is willing to listen to offers. Jon Morosi of FOX Sports and MLB Network reports that the Marlins are among the teams that have inquired.
Santiago, 28, has pitched to a 4.32 ERA with 96 strikeouts and 47 walks in 110 1/3 innings. Sabermetric statistics such as FIP, xFIP, and SIERA think the lefty has pitched even worse than his ERA indicates however, pitting 2016 as his worst performance to date.
Santiago is earning $5 million this season and will enter his third and final year of arbitration eligibility going into 2017.
We also learned earlier that, in an effort to bolster their starting rotation, the Marlins have also shown interest in Wade Miley of the Mariners and Jeremy Hellickson of the Phillies.
The Rangers placed DH Prince Fielder on the disabled list last week due to more neck discomfort. On Friday, Fielder met with Dr. Drew Dossett, who performed spinal fusion surgery on Fielder in 2014 for a herniated disk in his neck. Dossett has recommended another procedure, so Fielder will undergo season-ending surgery this week, Jeff Wilson of the Fort-Worth Star Telegram reports.
Fielder was having a rough season, batting .212/.292/.334 with eight home runs and 44 RBI in 370 plate appearances. He played in only 42 games in 2014, but returned in 2015 looking more like his old self. Unfortunately, neck and back issues are notoriously difficult to fix. Hopefully, this upcoming procedure does the trick for Fielder.
Fielder is owed $24 million per season through 2020, with the Tigers paying $6 million of it per season.