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The Mets’ search for investors is moving slowly

Nov 17, 2011, 12:03 PM EDT

File image of New York Mets chairman and CEO Fred Wilpon talking to reporters at a news conference in New York Reuters

When David Einhorn backed out of buying into the Mets, the Mets announced that rather than finding one big sugar daddy that they’d look for multiple sugar babies instead. Investors looking to give them, say $20 million a pop.  The search for such beasts has been ongoing, but it’s not going quickly:

At this point, none of the units have been sold, said two people briefed on the status of the sales who spoke on the condition of anonymity. They added that there were strong buyer commitments for as many as seven of the shares. However, until there are equally firm offers for the other units, it is possible that none of them will be sold.

I still don’t get who would want to own a small part of a closely-held corporation like this. No control and the possibility of capital calls whenever.  Fine, you can say you own a piece of the Mets and get a suite at the games.  I could go to parties all over the city for a year and tell people I own part of the Mets and I bet no one would bother to call my bluff.  A suite can be had for less than $20 million.

Oh well. The rich are different than you and me.

  1. Kevin S. - Nov 17, 2011 at 12:19 PM

    chrisny3 spin coming in 3… 2… 1…

  2. quizguy66 - Nov 17, 2011 at 12:26 PM

    I’m shocked that nobody is willing to step up and give money to the Wilpons…


  3. Gordon - Nov 17, 2011 at 12:34 PM

    He looks like Phil Hartman in that picture.

  4. cur68 - Nov 17, 2011 at 12:54 PM

    I wonder if in person Fred appears as much a snake oil sales man as he does in all of his HBT pics? I have as yet to see an HBT article featuring him or is spawn that would make me want to leave even $ 10 in Wilponian care. If they want to sell these shares, they need to get Fred and Jeff away from them. While at that, why not get the whole team away from them?

  5. Kyle - Nov 17, 2011 at 12:55 PM

    I might start trying that “I own part of the Mets” yarn.

  6. mojosmagic - Nov 17, 2011 at 2:29 PM

    The Wilpon’s aren’t good for MLB or NY Met fans. MLB forced the Dodgers into a sale and the Mets should be next. The Wilpon’s are broke and being sued for 500 million and it is high time the Madoff boys are made history.

  7. cleverbob - Nov 18, 2011 at 8:26 AM

    Outside of a recent lottery winner that happens to be a Mets fan, I don’t think anyone with the means could be convinced to buy into that debacle. They could try selling controlling shares of Netflix while they’re at it.

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