Wilpons in talks to sell up to 80 percent of their interest in the Mets

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Bloomberg is reporting that the current owners of the Mets are in talks to sell up to 80% of the team to billionaire Steve Cohen, who is currently a minority owner investor in the club. The transaction would value the team at $2.6 billion. Bloomberg says the Mets confirmed the talks in a statement.

Those Mets fans who dislike current owner Fred Wilpon and his son, team president Jeff Wilpon, should not get too happy just yet. Why?

Fred Wilpon, the team’s principal owner, will remain in his current role for at least five years, at which time Cohen will have a path to controlling the franchise, said the person. Jeff Wilpon, his son, will remain as the team’s chief operating officer for the five-year period, the person said.

That said, if the Wilpons — whose financial setbacks over the years are said to be the primary the reason the huge-market Mets spend like a mid-market team — are no longer the actual controlling owners, it’s possible that they may get a green light to spend from Cohen in ways they haven’t in the past.

Guess we’ll see.

Cohen has long sought to own a team outright. His original investment in the Mets was with an eye toward, eventually, buying the team if he could. After that he was in talks to purchase the Dodgers and, later, made an effort to purchase the Padres. Now, it seems, he’ll have a chance, finally, to join baseball’s ownership club.

No lease extension, but Orioles and governor tout partnership

orioles camden yards
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The Baltimore Orioles and Maryland Gov. Wes Moore announced a joint commitment to what they called a “multi-decade, public-private partnership” to revitalize the Camden Yards sports complex.

The statement from the team and the state’s new governor came Wednesday, the deadline for the Orioles to exercise a one-time, five-year extension to their lease at Camden Yards. The team was not planning to exercise that option, according to a person with knowledge of the decision. The person spoke to The Associated Press on condition of anonymity because the club hadn’t announced its decision.

With no extension, the lease is set to expire at the end of this year, but the team and the Maryland Stadium Authority can keep negotiating. Wednesday’s joint release seemed to be an attempt to calm any nerves in Baltimore about the team’s future.

“I am looking forward to continuing to collaborate with Governor Moore, his administration, and the Maryland Stadium Authority in order to bring to Baltimore the modern, sustainable, and electrifying sports and entertainment destination the state of Maryland deserves,” Orioles CEO John Angelos said.

“We greatly appreciate Governor Moore’s vision and commitment as we seize the tremendous opportunity to redefine the paradigm of what a Major League Baseball venue represents and thereby revitalize downtown Baltimore. It is my hope and expectation that, together with Governor Moore and the new members and new chairman of the MSA board, we can again fully realize the potential of Camden Yards to serve as a catalyst for Baltimore’s second renaissance.”

Republican Larry Hogan, the state’s previous governor, signed a bill last year increasing bond authorization for M&T Bank Stadium, home of the Baltimore Ravens, and Camden Yards. The measure allowed borrowing of up to $600 million for each stadium.

“When Camden Yards opened 30 years ago, the Baltimore Orioles revolutionized baseball and set the bar for the fan experience,” Moore, a Democrat, said Wednesday. “We share the commitment of the Orioles organization to ensuring that the team is playing in a world-class facility at Camden Yards for decades to come and are excited to advance our public-private partnership.”

Angelos recently reaffirmed that the Orioles would stay in Baltimore, although he dressed down a reporter who asked for more clarity on the future of the team’s ownership situation. Angelos was sued last year by his brother Lou, who claimed John Angelos seized control of the Orioles at his expense.