Feb 23, 2012, 3:40 PM EDT
Once or twice a month we get a new story about how the Mets have sold several of those minority stakes they’ve been peddling for close to a year. The stories always have a bit of an optimistic “we’re almost there!” spin to them. The latest appeared yesterday as the Newsday — and then the other New York papers — reported that the Mets have sold 7 of the 10 shares.
Except, as Howard Megdal explains, it’s all highly misleading. Six of those seven shares are slated to go to related entities, not outside investors. The seventh is Steven Cohen, who is clearly much more interested in buying the Dodgers and is likely trying to create some goodwill buy throwing $20 million the Mets’ way.
Go read Megdal’s take on it as well as his detailing of the sheer amount of debt the Mets currently have. And ask yourself whether these stories about the Mets selling minority shares should be spun as an optimistic thing or, rather, a somewhat desperate thing.
- Tigers acquire closer Joakim Soria from the Rangers 9
- Phillies officials “have contemplated the possibility of paying off” and releasing Ryan Howard 29
- The dizzying intellect of Tom Glavine 17
- Verducci: baseball should think about an “illegal defense” rule to combat shifts 158
- Chase Headley plays the hero in his first game in pinstripes 30
- And That Happened: Tuesday’s scores and highlights 29
- Rockies place Troy Tulowitzki on the disabled list 18
- Rob Manfred “heavily favored” to be Bud Selig’s replacement 29
- Verducci: baseball should think about an “illegal defense” rule to combat shifts (158)
- Luke Scott released from Korean team after calling coach a “liar” and a “coward” (108)
- Yankees acquire Chase Headley from Padres (108)
- Who is the next Face of Baseball? (97)
- David Ortiz passes Carl Yastrzemski on the all-time home run list — is he a Hall of Famer? (92)