The Mets are close to closing on five of those $20 million ownership stakes

20 Comments

The New York Daily News reports that the New York Mets are close to sealing the deal on five of the $20 million shares they’ve been trying to sell. The owners have been approved by Major League Baseball and the deals could close by the end of the month.  The Daily News:

With that, the team would raise enough capital to repay $25 million owned to MLB, a $40 million bridge loan to Bank of America and other club debts and operating expenses that have emerged in the wake of the Bernie Madoff Ponzi scheme scandal.

There is a reported overall total of $350 million in debt — and the team has reportedly lost money in recent years — so that doesn’t handle everything. But it’s better than nothing.

Now, I’d just like to get a gander at the sort of person who gives the Mets $20 million for perks that are basically not much better than being a season ticket holder.