Mets get commitments for 7 of 10 shares
Share This Story
NEW YORK (AP)
The New York Mets have commitments for seven of the 10 ownership shares of $20 million each they are trying to sell to pay off debt and raise capital.
The sale of the limited partnership units will not take place until all 10 can close at the same time, a person familiar with the negotiations said Wednesday. The person spoke on condition of anonymity because talks were ongoing.
New York owes $25 million to Major League Baseball, a loan whose repayment was extended from November until March, and $40 million to Bank of America. The team chose to sell limited partnerships after the collapse of a deal last summer with hedge fund manager David Einhorn.
Steve Cohen, bidding to buy the Los Angeles Dodgers from Frank McCourt, is among those who have committed to become Mets limited partners.
The commitment for seven shares was first reported by Newsday. The Mets hope to be able to complete the sale in the next few weeks.
Mets owners face a trial March 19 on the suit brought by the trustee recovering money for victims of the Bernard Madoff Ponzi scheme. The trustee, Irving Picard, originally sought $1 billion from the Mets' owners, claiming they should have known millions they collected from Madoff represented phony profits. Owners Fred Wilpon and Saul Katz have denied the claims in lengthy litigation.
U.S. District Judge Jed Rakoff dismissed nine of 11 counts on Sept. 27, limiting the exposure of the Mets' ownership to about $386 million. Rakoff also made it possible the Mets' payout won't top more than $83.3 million.
Related Stories
Trending Now
-
Report: UFC Octagon vixen arrested
Report: UFC Octagon vixen Arianny Celeste arrested. -
Report: Vick event sparks backlash
A seemingly innocuous visit from Philadelphia Eagles quarterback Michael Vick caused ... -
Franchitti wins Indy 500
Review all the details from this year's big race. -
Dario Franchitti wins 2012 Indy 500
Dario Franchitti holds off late charge, wins third Indy 500. -
No way Celtics can hang with Heat
Celtics advance to East finals, but Heat have nothing to worry about.
MLB Videos
Dodgers drop Astros
Posted: May 27, 2012
Matt Treanor talks with Prime Ticket about Chris Capuano's performance leading t...
Matt Treanor talks with Prime Ticket about Chris Capuano's performance leading t...
Rays rock Red Sox
Posted: May 27, 2012
Sean Rodriguez talks after his game-winning HR in the Rays' 4-3 win in Boston.
Sean Rodriguez talks after his game-winning HR in the Rays' 4-3 win in Boston.
Tigers top Twins
Posted: May 27, 2012
Miguel Cabrera talks with FOX Sports Detroit after the Tigers' 4-3 win over the ...
Miguel Cabrera talks with FOX Sports Detroit after the Tigers' 4-3 win over the ...
MLB Headlines
More Than Sports on MSN
Fox Sports Store
| itemName | itemURL | imageSrc | price | itemDescription |
|---|---|---|---|---|
| Nike Chicago Cubs Tackle Twill Hoodie Sweatshirt - Royal Blue | http://www.foxsportsshop.com/FOX_Chicago_Cubs/browse/featuredproduct/250780/source/prsp_ca | http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_250000/FF_250780_xl.jpg&w=100 | 49.95 | Nike Chicago Cubs Tackle Twill Hoodie Sweatshirt - Royal Blue |
| Nike Boston Red Sox Ladies Red Local T-shirt | http://www.foxsportsshop.com/FOX_Boston_Red_Sox/browse/featuredproduct/605356/source/prsp_ca | http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_605000/ff_605356_xl.jpg&w=100 | 19.95 | Nike Boston Red Sox Ladies Red Local T-shirt |
| New Era New York Yankees Youth Navy Blue Tie Breaker 39THIRTY Stretch Fit Hat | http://www.foxsportsshop.com/FOX_New_York_Yankees/browse/featuredproduct/605557/source/prsp_ca | http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_605000/ff_605557_xl.jpg&w=100 | 16.95 | New Era New York Yankees Youth Navy Blue Tie Breaker 39THIRTY Stretch Fit Hat |
| Nike Oakland Athletics Green MLB Practice T-shirt | http://www.foxsportsshop.com/FOX_Oakland_Athletics/browse/featuredproduct/606322/source/prsp_ca | http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_606000/ff_606322_xl.jpg&w=100 | 27.95 | Nike Oakland Athletics Green MLB Practice T-shirt |
| Philadelphia Phillies Mascot Pillow Pet | http://www.foxsportsshop.com/FOX_Philadelphia_Phillies/browse/featuredproduct/626447/source/prsp_ca | http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_626000/ff_626447_xl.jpg&w=100 | 29.95 | Philadelphia Phillies Mascot Pillow Pet |
| New Era Colorado Rockies Black-Purple Stoked Snapback Hat | http://www.foxsportsshop.com/FOX_Colorado_Rockies/browse/featuredproduct/644117/source/prsp_ca | http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_644000/ff_644117_xl.jpg&w=100 | 28.95 | New Era Colorado Rockies Black-Purple Stoked Snapback Hat |
| Texas Rangers Manager Stainless Steel Watch | http://www.foxsportsshop.com/FOX_Texas_Rangers/browse/featuredproduct/722692/source/prsp_ca | http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_722000/ff_722692_xl.jpg&w=100 | 69.95 | Texas Rangers Manager Stainless Steel Watch |
| Majestic Justin Verlander Detroit Tigers #35 Youth Navy Blue Player Pullover Hoodie Sweatshirt | http://www.foxsportsshop.com/FOX_Detroit_Tigers/browse/featuredproduct/723016/source/prsp_ca | http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_723000/ff_723016_xl.jpg&w=100 | 39.95 | Majestic Justin Verlander Detroit Tigers #35 Youth Navy Blue Player Pullover Hoo.. |
| Majestic Albert Pujols Los Angeles Angels of Anaheim Replica Jersey - White | http://www.foxsportsshop.com/FOX_Los_Angeles_Angels_of_Anaheim/browse/featuredproduct/777026/source/prsp_ca | http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_777000/ff_777026_xl.jpg&w=100 | 99.95 | Majestic Albert Pujols Los Angeles Angels of Anaheim Replica Jersey - White |
Member Comments
Please note by clicking on "add a comment" you acknowledge that you have read the Terms of Use and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator.