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.
NEW YORK — With star outfielder Adam Jones nursing a tender hamstring, the Baltimore Orioles selected the contract of Julio Borbon from Double-A Bowie and optioned pitcher Mike Wright to Triple-A Norfolk.
Borbon was inserted in the starting lineup for Baltimore, batting ninth against hard-throwing New York Yankees rookie Chad Green.
“We had some other center field options,” manager Buck Showalter said. “Borbon is our best option at this point.”
Jones left Friday’s game in the second inning with a left hamstring strain. He departed the previous night’s game at Washington in the ninth inning with hamstring cramps and aggravated the injury hustling down the first base line on a soft grounder to third.
“I got a feeling that if he hadn’t had that first swinging bunt, it might not have been a problem,” Showalter indicated. “He’s not going to trot to first base as much as I talked to him about it before the game.”
Although Jones was unable to talk his way into Saturday’s lineup, Showalter speculated that he might be available to pinch-hit.
The 30-year old Borbon was 2 for 9 in five games with the Orioles earlier this season, but was designated for assignment on July 26. To create room for Borbon on the 40-man roster, pitcher Logan Ondrusek was designated for assignment on Friday.
Good news in Boston: An MRI on Red Sox outfielder Andrew Benintendi‘s left knee revealed no structural damage.
Benintendi slipped while trying to avoid a tag at second base, injuring his leg, but it appears he’s avoided a serious injury. A timetable for his return isn’t known at this point, but the Red Sox expect to get him back before the end of the season.
Benintendi is hitting .324/.365/.485 with a homer and ten RBI in 21 games.