Jan 28, 2011, 1:36 PM EDT
Forgive me if I’m not optimistic about the Wilpons’ chances of finding “strategic partners” who will gladly fork over millions in exchange for a minority share of the team, leaving the Wilpons in control. Why am I skeptical? Because the last time a baseball owner was in deep financial trouble and sought minority investors, it didn’t quite turn out the way he planned:
“I’ve been quietly looking for minority investors to come back into the ownership of the Rangers as a way to be prudent in a bad economy,” [Tom] Hicks said. “I’m doing the same thing with the Stars. At the end of the day, I’ll still have 51-to-60 percent of the ballclub and have new partners. That doesn’t change anything.
A little less than a year later Tom Hicks was being squeezed out completely while Mark Cuban and Chuck Greenberg fought tooth-and-nail for total control of the Texas Rangers.
It’s just a simple fact of investment life: minority shares in non-public entities are not worth anything close to what a controlling interest is worth. Perhaps the Mets, who likely have a much better potential cashflow than most teams, will still be an attractive investment who is merely interested in saying they own a piece of the team. But if the Rangers example is any indication, there aren’t a whole hell of a lot of people who want to be silent partners when the majority owner asking for a handout is in financial distress.
The Mets are an extremely valuable property. Their owners are in financial trouble. This is what most savvy investors call “an opportunity.” It strains credulity to think that people won’t make some offers for control of the Mets that the Wilpons find awfully hard to refuse.
- Dodgers acquire Mat Latos and Michael Morse from Marlins 0
- Why do managers wear uniforms anyway? 25
- And That Happened: Tuesday’s scores and highlights 40
- Astros “making a strong effort” for Phillies ace Cole Hamels 30
- Angels acquire outfielders David Murphy and David DeJesus 24
- Jenrry Mejia gets 162-game ban for second failed PED test 49
- Nationals, Phillies agree to Jonathan Papelbon trade 64
- The Hall of Fame just made a MAJOR change to the Hall of Fame voting process 76
- The MLBPA is considering withholding cooperation with ESPN, Fox over Colin Cowherd’s comments (157)
- The Cubs are in discussions with the Phillies on Cole Hamels (146)
- Colin Cowherd wonders how baseball can be considered “complicated” if Dominicans can understand it (129)
- Major League Baseball rips Colin Cowherd in an official statement (123)
- Settling the Scores: Wednesday’s results (106)