Mets sell 12 minority shares of team, repay loans to MLB and Bank of America

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This is a good day for the Mets’ owners.

Less than 12 hours after learning that the Wilpons and Saul Katz reached a settlement out of court to pay $162 million to trustee Irving Picard in the Bernie Madoff case, Teri Thompson and Michael O’Keeffe of the New York Daily News are reporting that the Mets’ owners have closed those long-awaited deals to sell 12 minority shares in the team. Additionally, they have repaid their $25 million loan to MLB, a $40 million loan to Bank of America and additional club debt.

The minority shares are worth $20 million each. The total of $240 million is expected to cover the team’s operating costs during the 2012 season. Two of the shares are going to the Wilpons and Katz while another four are going to SNY, their partnered cable network. The only other known investor is hedge fund manager Steve Cohen, who is considered one of the frontrunners to buy the Dodgers.

I suppose it’s not surprising that this news came out on the same day as the settlement, as the Wilpons and Katz want to put this whole mess behind them and look like a solvent ownership group as soon as possible. Whether this is a positive development for the franchise or Mets fans in the long-term is up for debate, but the PR campaign is in full effect.