As part of their ploy to
hold control of the team, it appears that the team’s current ownership is close
to finalizing the sales of 10 minority shares of the club. The sales of
$20 million dollars each will give the ownership some quick cash to pay off
loans, while keeping them majority owners.
SNY (the New York sports TV
network devoted to and originally created for the Mets) will reportedly
purchase four shares, a move to be financed by Comcast and Time Warner
Cable—which own a combined 30% of the TV network. Should the deal be completed,
SNY will own 16% of the team. In terms of a reason for the move, as sports
media investor Chris Bevilacqua put it: “Their
interests are aligned with the team’s doing well”.
According to many, the sales
will be finalized before the end of February, and just in time for Spring
Training.
