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 Post subject: Mets to be Sold With Immediate Control to New Owners
PostPosted: Sun Feb 09, 2020 2:58 pm 
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The proposed sale of the New York Mets to billionaire hedge fund titan Steve Cohen was scuttled by disagreement over a clause that would have allowed the current owners to control the franchise for five years after the deal had closed.

That probably won’t happen again.

No preconditions regarding control of the team will be attached to the upcoming sale, meaning whoever buys the Mets will likely assume control immediately from the Wilpon family, according to a person familiar with the matter. By showing a willingness to cede the control issue at the outset, the Wilpons may actually reap more than the Major League Baseball-record $2.6 billion that Cohen had agreed to pay, according to sports consultant Marc Ganis.
...
Allen & Co., the investment bank retained by the Mets, will begin its post-Cohen sales process Monday, according to the person.


https://www.bloomberg.com/news/articles ... ust-soared


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 Post subject: Re: Mets to be Sold With Immediate Control to New Owners
PostPosted: Sun Feb 09, 2020 3:08 pm 
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NYFS Hall of Famer

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how much does sny make a year? how are the mets losing 50 million annually ?


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 Post subject: Re: Mets to be Sold With Immediate Control to New Owners
PostPosted: Sun Feb 09, 2020 4:14 pm 
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SNY is not expected to be part of the package. I wonder if the new owner(ship group) will demand a new contract for broadcast rights.


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 Post subject: Re: Mets to be Sold With Immediate Control to New Owners
PostPosted: Sun Feb 09, 2020 4:16 pm 
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Metsfan980 wrote:
SNY is not expected to be part of the package. I wonder if the new owner(ship group) will demand a new contract for broadcast rights.


i dont understand. the ny mets own 65% of sny, is that not apart of the sale? how will they take that out, from what i got reading that is that they will get sny but the contract rights are settled for 10 years.

Or maybe sny is only profitable because it has contract rights and once those are up, the owners of the mets, who own those contract right, can sell them or package them into their own RSN.


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 Post subject: Re: Mets to be Sold With Immediate Control to New Owners
PostPosted: Sun Feb 09, 2020 4:34 pm 
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I don’t understand how Cohen was straddled with the Pons trying to stay in for 5 more years but now they will be out...just seems odd that Cohen would agree to that then go back last second. And now this sale, whoever wins will immediately get control.

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Remember Met fans, every trade is different and independent from the rest. TIS...Trust in Sandy!


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 Post subject: Re: Mets to be Sold With Immediate Control to New Owners
PostPosted: Sun Feb 09, 2020 4:40 pm 
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Mogriffjr wrote:
I don’t understand how Cohen was straddled with the Pons trying to stay in for 5 more years but now they will be out...just seems odd that Cohen would agree to that then go back last second. And now this sale, whoever wins will immediately get control.


Maybe he tried to get control sooner and then they figured if they were going to do that then they could get even more money. That could be why in Cohen’s statement he mentioned looking forward to there being a higher bidder for the team given his 8% ownership stake.


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 Post subject: Re: Mets to be Sold With Immediate Control to New Owners
PostPosted: Sun Feb 09, 2020 4:52 pm 
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thebull wrote:
Mogriffjr wrote:
I don’t understand how Cohen was straddled with the Pons trying to stay in for 5 more years but now they will be out...just seems odd that Cohen would agree to that then go back last second. And now this sale, whoever wins will immediately get control.


Maybe he tried to get control sooner and then they figured if they were going to do that then they could get even more money. That could be why in Cohen’s statement he mentioned looking forward to there being a higher bidder for the team given his 8% ownership stake.


I'm pretty confident that was a two part troll job: he's suggesting that they're unlikely to top his offer, and if they do, he stands to do well anyway.

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 Post subject: Re: Mets to be Sold With Immediate Control to New Owners
PostPosted: Sun Feb 09, 2020 5:13 pm 
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northway wrote:
thebull wrote:
Mogriffjr wrote:
I don’t understand how Cohen was straddled with the Pons trying to stay in for 5 more years but now they will be out...just seems odd that Cohen would agree to that then go back last second. And now this sale, whoever wins will immediately get control.


Maybe he tried to get control sooner and then they figured if they were going to do that then they could get even more money. That could be why in Cohen’s statement he mentioned looking forward to there being a higher bidder for the team given his 8% ownership stake.


I'm pretty confident that was a two part troll job: he's suggesting that they're unlikely to top his offer, and if they do, he stands to do well anyway.


Right I can see him saying I want control sooner, Wilpons saying they can get more money if that’s the case and him thinking they can’t. Not saying that’s what happened but it still checks out with his statement.


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 Post subject: Re: Mets to be Sold With Immediate Control to New Owners
PostPosted: Sun Feb 09, 2020 6:23 pm 
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Dayn Perry ✔
There's basically zero chance the Mets are losing money, let alone $50 million per year.



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even owners this incompetent couldn't lose $50 million a year running an MLB team
https://twitter.com/daynperry

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MarkJohnson>You wrote:

Yeah, and if you're using the "He's 19" logic, then I guess the best report a scout could give us is:


"I have no idea. He's a teenager. He may go through 5 arm surgeries between now and his 30th birthday. He may add a pitch. He may lose a pitch. He may put on 30 lbs and add velocity. He may put on 50 lbs and eat his way out of the league. I literally have no idea what he is going to be."

But thats not what these guys are paid to do, nor what we are looking for them to do, right?


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 Post subject: Re: Mets to be Sold With Immediate Control to New Owners
PostPosted: Sun Feb 09, 2020 7:15 pm 
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Losing $50 million a year LOL. The PONS are a joke.


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 Post subject: Re: Mets to be Sold With Immediate Control to New Owners
PostPosted: Sun Feb 09, 2020 7:55 pm 
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I mean if you tack on the Madoff debt/repayments to baseball losses and leave out SNY yeah maybe you could cook the books enough to say they're losing $50 million a year. It does seem like from multiple reports they're maxed out on debt one way or another and probably why they need to sell.


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 Post subject: Re: Mets to be Sold With Immediate Control to New Owners
PostPosted: Mon Feb 10, 2020 12:46 am 
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Blue Chipper

Joined: Sat Sep 23, 2006 11:15 am
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I think it’s all a question of how they divide up revenue between the team and SNY. The combined entity makes money. If they put costs of running the broadcasts on the team and pay below market value for the broadcast rights... of course you can show a loss.

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