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

By: cool10857

cool10857 — Thu, 12 Jan 2012 00:20:24 +0000

Hey Fred Wilpon…..you SUCK!

By: stex52

stex52 — Wed, 11 Jan 2012 22:14:00 +0000

I will defer to your knowledge of how the contract is written. My initial impression was that it was more like a preferred stock ownership with some other benefits than a true ownership stake. If that is not true, than I am wrong.

Even so, a bankruptcy action could know their value down a lot.

By: dan1111

dan1111 — Wed, 11 Jan 2012 17:05:22 +0000

Huh?

By: Old Gator

Old Gator — Wed, 11 Jan 2012 16:53:52 +0000

Right. You’d keep it and get in trouble with them.

By: Old Gator

Old Gator — Wed, 11 Jan 2012 16:46:54 +0000

I can’t wait for the press conference – the Wilpons and Alderson at the dais, with five bloated investment bankers, seconds sons traduced by primogeniture, and one of those poodles whose dowager mistress left it her fortune hanging upside down behind them with their pockets turned inside out.

By: paperlions

paperlions — Wed, 11 Jan 2012 16:41:44 +0000

Fixed that for ya….” these part-owners each get a luxury box, which have sticker prices from $250,000 to $500,000 per year, but normally are not sold.”

By: dan1111

dan1111 — Wed, 11 Jan 2012 16:05:52 +0000

No, you wouldn’t lose your ownership stake if the Wilpons get in trouble.

By: dan1111

dan1111 — Wed, 11 Jan 2012 16:03:46 +0000

Also, not mentioned in Craig’s previous post on the perks: these part-owners each get a luxury box, which is normally sold for $250,000-$500,000 per year.

By: dohpey28

dohpey28 — Wed, 11 Jan 2012 16:03:36 +0000

It’s paying off team debt, not a 13th house or a hair dresser.

By: dan1111

dan1111 — Wed, 11 Jan 2012 15:56:21 +0000

@cat, what these investors are buying is 4% of the team. The Mets are not going to be dissolved. Any bankruptcy would be a restructuring. These investors would still own 4% each at the other end of it.

This is very different than loaning money to the team, which would be a huge risk right now. And this difference is exactly why Wilpon has to sell part ownership of the team to raise cash, rather than taking out more loans.

By: stex52

stex52 — Wed, 11 Jan 2012 15:55:02 +0000

We did this a while back. I go season ticket holder and occasional flights to other cities for big games and 20 MM$ lasts about 500 years. Personally, even being a season ticket holder commits you to sitting in those seats a WHOLE LOT OF TIME. I love baseball, but……..

As to investment, dicey at best. The Wilpons are one or two lawsuit rulings short of real trouble, and then your 20MM$ is gone.

More money than sense, in my mind.

By: mojosmagic

mojosmagic — Wed, 11 Jan 2012 15:43:36 +0000

Ego, money, and NY sports equal SUCKERS!!!

By: PanchoHerreraFanClub

PanchoHerreraFanClub — Wed, 11 Jan 2012 15:31:02 +0000

I have this bridge in Brooklyn and I am looking for few minority investors at $20 million a piece. I’d love to try to market my bridge to these five investors. If they will buy into the Mets, they’ll buy into most anything.

By: kiwicricket

kiwicricket — Wed, 11 Jan 2012 15:04:54 +0000

Not sure there is an absolute accurate metric to determine this, but the likelihood of these ‘investors’ being complete wankers is rather high I would imagine.

By: churchoftheperpetuallyoutraged

churchoftheperpetuallyoutraged — Wed, 11 Jan 2012 14:59:01 +0000

So at least $65M of the $100M received so far goes right out the door to cover debts? How has MLB not stepped in a la the Dodgers?

By: brucewaynewins

brucewaynewins — Wed, 11 Jan 2012 14:48:13 +0000

I have to agree.

Anybody that’d do this has to:

A. Have enough money that $20 million is chump change

B. Have not enough to buy a legit share in the team

C. Be a huge booster

D. Someone who wants zero responsibility

E. Someone who loves bad deals.

I’m thinking someone like Adam Sandler or Kevin James might fit this. They have money but probably not enough to buy the team. They don’t want to own the team and deal with legit frustration of overcoming this mess or have it interfere with their actual careers.

My other guess is a legally insane multi millionaire with less than $100 million to their name.

By: Gardenhire's Cat

Gardenhire's Cat — Wed, 11 Jan 2012 14:43:58 +0000

“Nor is there much risk involved.”

There’s a very real possibility that the Mets declare bankruptcy. Correct if I am wrong, i honestly dont know, but if this happens these investors will have nothing to show for their $20 millions. Personally, I would consider it quite a risk to invest in the Mets.

By: paperlions

paperlions — Wed, 11 Jan 2012 14:37:42 +0000

As far as I can tell, it seems like these deals investments in the Mets and not really anything approaching stakes in ownership, because they don’t get anything a part owner would get in return for their money. It probably won’t turn out to be a bad investment, but it will probably also be a short-term one, as these “shares” likely will be bought out by the new owners.

By: dan1111

dan1111 — Wed, 11 Jan 2012 14:30:32 +0000

The perks may not be good, but these investors are not just throwing money away. They also get an ownership stake in the Mets. MLB teams have a history of greatly increasing in value over time. This trend is unlikely to reverse, since baseball teams are an artificially limited commodity with a government-allowed monopoly. Nor is there much risk involved. Even if the Wilpons go down, the Mets will not go down with them.

By: Gardenhire's Cat

Gardenhire's Cat — Wed, 11 Jan 2012 14:20:39 +0000

“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.”

My thoughts exactly. If I had to guess, I would say these people inherited the money they have, because surely no person smart enough to make $20 million would be dumb enough to just throw it away.