Wilpons May Sell Minority Stake In New York Mets To Provide Cash Infusion

As Sterling Equities announced in December, we are engaged in discussions to settle a lawsuit brought against us and other Sterling partners and members of our families by the Trustee in the Madoff bankruptcy. We are not permitted to comment on these confidential negotiations while they are ongoing.
However, to address the air of uncertainty created by this lawsuit, and to provide additional assurance that the New York Mets will continue to have the necessary resources to fully compete and win, we are looking at a number of potential options including the addition of one or more strategic partners.

There’s no guarantee that the Mets will actually add one or multiple partners - that’s currently just an option. And the Wilpons go on to assure that Sterling will remain the primary owner of the team. During a Friday conference call, Fred Wilpon said the Mets would sell a 20-25% stake in the event of a transaction.

Of course, the Wilpons’ assertion that Sterling will remain in control is far from a certainty. That’s their plan, but it’s an open question as to whether anyone would agree to invest under their terms. Someone may come in and blow the Mets away with a bigger offer for a much bigger stake. But that’s speculation. Where we stand now is that the Mets are “exploring” the idea of selling a small chunk to ensure that the team can continue operating at a high payroll.

Check out Amazin’ Avenue for more on the situation. For the time being, the Mets’ day-to-day operations shouldn’t be affected.