Feb 23, 2012, 3:40 PM EST
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.
- The Phillies have told teams they’d trade Cliff Lee and Cole Hamels 44
- Mark Prior’s retirement reminds us that young pitchers will break your heart 18
- Roy Halladay is retiring 53
- Tony La Russa Bobby Cox, Joe Torre all unanimously elected to the Hall of Fame 48
- Tony Blengino says recent report on Seattle front office is “just the tip of the iceberg” 61
- Robinson Cano agrees to $240 million deal with Mariners (260)
- Yankees agree to seven-year, $153M contract with free agent outfielder Jacoby Ellsbury (160)
- Report: Mariners willing to offer Robinson Cano a 10-year, $240 million deal (143)
- Report: Yankees have agreed to a three-year deal with Carlos Beltran (125)
- Brett Gardner is drawing “significant” trade interest (112)