Plan B for the Mets: multiple, smaller investors

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With their $200 million cash infusion from David Einhorn scuttled, Fred Wilpon and Saul Katz are taking a different tack.  Richard Sandomir and Ken Belson report that they’re looking into selling smaller stakes “to people willing to invest perhaps $20 million each.” Hurm.

Being a minority investor in a closely-held corporation is not great to begin with. You have no control, really. It’s the sort of thing that, as the Einhorn negotiations showed, would almost compel you to want to (a) have some mechanism to make it a REALLY great investment on its own terms, such as you getting most of your money back later; or (b) have some mechanism by which your minority share could be transformed into a controlling interest at some later date.

But now Wilpon and Katz are basically looking for vanity investors. People who want to be able to say “I own a piece of the Mets.”  As the Times story notes, it’s often the case that “such investors simply want the perks of ownership, like access to suites and the team’s players. Most of these investors do not have ambitions of being majority owners.”

It may be easier to find those kinds of investors, but getting them together, making sure they pay — and continue to pay later when losses need to be covered — and then managing the suddenly-larger ownership group is probably something of a headache.

The Mariners turned an odd triple play with the help of Evan Gattis

Streeter Lecka/Getty Images
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Astros DH Evan Gattis unwittingly helped the Mariners complete a triple play in the fourth inning of Thursday afternoon’s game at Safeco Field. The Astros put runners on first and second on consecutive singles by Jose Altuve and Carlos Correa, bringing Gattis to the plate.

Gattis check-swung at a first-pitch curve from Marco Gonzales, hitting a grounder to third base. Kyle Seager stepped on the third base bag and then threw to second base for the second out. There was not nearly enough time for Robinson Cano to get the throw to first base to complete a triple play. Gattis ostensibly lost track of the number of outs in the inning, so he just circled back to the dugout and the Mariners completed their triple play since Gattis went out of the baseline.

That’s the first triple play of the 2018 season. It’s the Mariners’ first triple play since July 26, 2015 against the Blue Jays.