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MLB Approves Three Bidders For Mets As Change Looms
By
Ben Yakas
Published Mar 18, 2011
Modified Mar 18, 2011
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By
Ben Yakas
Published Mar 18, 2011
Modified Mar 18, 2011
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Major League Baseball has approved at least three potential investor groups to make bids on the financially unsound Mets. The Mets owners' investment company, Sterling Equity, is in the midst of a complicated lawsuit stemming from perceived Madoff "profits"; the Wilpons have already agreed to sell a minority share of the team to offset any fiscal problems caused by the suit. But even if they sell 49 percent or less of the team, there's still a chance they may be forced to sell the team in the near future.
Among the bidders that have been approved are a group led by the team of Goldman Sachs's David Heller and Apollo's Marc Spilker, and another including Steve Starker, co-founder of the global-trading firm BTIG and Ken Dichter, the co-founder of Marquis Jet. Many others have expressed interested in bidding for the team, including Georgi Vodka owner Martin Silver, Martin Luther King III, and Donald Trump. The team had already taken a $25 million loan from MLB in the fall, before the lawsuit had even been filed, which gives you some idea of how they're doing financially.
Even if they do sell 25-49 percent of the team, the Wilpons may not be able to hold onto the club if their $300 million Madoff lawsuit drags on. The Post suggests that the current Tampa Bay Rays owner Stu Sternberg could buy the Mets in a complicated scenario that could involved the Rays and A's either contracting into one, or one team moving. Either way, it's obvious that change is a'foot for the Mets: today, they released second basemen Luis Castillo, who has been with the team for nearly four years, with one years and $6 million still left on his contract.
Tagged
basebbal
change
luis castillo
madoff
mets
mlb
wilpons
Ben Yakas
Ben Yakas is a former Gothamist reporter.
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