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.

MLB crowds jump from ’21, still below pre-pandemic levels

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PHOENIX — Even with the homer heroics of sluggers like Aaron Judge and Albert Pujols, Major League Baseball wasn’t able to coax fans to ballparks at pre-pandemic levels this season, though attendance did jump substantially from the COVID-19 affected campaign in 2021.

The 30 MLB teams drew nearly 64.6 million fans for the regular season that ended Wednesday, which is up from the 45.3 million who attended games in 2021, according to baseball-reference.com. This year’s numbers are still down from the 68.5 million who attended games in 2019, which was the last season that wasn’t affected by the pandemic.

The 111-win Los Angeles Dodgers led baseball with 3.86 million fans flocking to Dodger Stadium for an average of 47,672 per contest. The Oakland Athletics – who lost 102 games, play in an aging stadium and are the constant subject of relocation rumors – finished last, drawing just 787,902 fans for an average of less than 10,000 per game.

The St. Louis Cardinals finished second, drawing 3.32 million fans. They were followed by the Yankees (3.14 million), defending World Series champion Braves (3.13 million) and Padres (2.99 million).

The Toronto Blue Jays saw the biggest jump in attendance, rising from 805,901 fans to about 2.65 million. They were followed by the Cardinals, Yankees, Mariners, Dodgers, and Mets, which all drew more than a million fans more than in 2021.

The Rangers and Reds were the only teams to draw fewer fans than in 2021.

Only the Rangers started the 2021 season at full capacity and all 30 teams weren’t at 100% until July. No fans were allowed to attend regular season games in 2020.

MLB attendance had been declining slowly for years – even before the pandemic – after hitting its high mark of 79.4 million in 2007. This year’s 64.6 million fans is the fewest in a non-COVID-19 season since the sport expanded to 30 teams in 1998.

The lost attendance has been balanced in some ways by higher viewership on the sport’s MLB.TV streaming service. Viewers watched 11.5 billion minutes of content in 2022, which was a record high and up nearly 10% from 2021.