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Thread: Financial uncertainty continues to cloud Mets' future

  1. #1
    Maple SERP savafan's Avatar
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    Financial uncertainty continues to cloud Mets' future

    Interesting...may mean nothing, but it could also have a huge effect on trying to bring baseball back to the African American community.

    http://newyork.cbslocal.com/2011/01/...-part-of-mets/

    The paper quotes Meli saying the group wants to purchase 50 percent of the team and that it would be “fitting with the legacy of Jackie Robinson essentially transferring to the Mets.”
    This is the Cal Ripkin Jr. of typos.

    If you ask me to join your fantasy baseball league and I select Legolas in the first round, don't be angry at me. It's not my fault I've read up on the players and you haven't.

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  3. #2
    Viva la Rolen kaldaniels's Avatar
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    Re: Martin Luther King, III looking to buy 50% of the Mets

    To what extent of the group is MLK III I wonder. Is he just a figurehead, or is he much more?

  4. #3
    Maple SERP savafan's Avatar
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    Re: Martin Luther King, III looking to buy 50% of the Mets

    Quote Originally Posted by kaldaniels View Post
    To what extent of the group is MLK III I wonder. Is he just a figurehead, or is he much more?
    According to these two articles, he's seeking to become the majority owner:

    http://www.sbnation.com/mlb/2011/1/3...rity-ownership

    http://www.foxnews.com/sports/2011/0...est=latestnews

    There aren't any African American owners currently in baseball.
    This is the Cal Ripkin Jr. of typos.

    If you ask me to join your fantasy baseball league and I select Legolas in the first round, don't be angry at me. It's not my fault I've read up on the players and you haven't.

  5. #4
    Viva la Rolen kaldaniels's Avatar
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    Re: Martin Luther King, III looking to buy 50% of the Mets

    Quote Originally Posted by savafan View Post
    According to these two articles, he's seeking to become the majority owner:

    http://www.sbnation.com/mlb/2011/1/3...rity-ownership

    http://www.foxnews.com/sports/2011/0...est=latestnews

    There aren't any African American owners currently in baseball.
    Upon closer reading though, he is part of a "group", with "heavy-pocketed" investors.

  6. #5
    RZ Chamber of Commerce Unassisted's Avatar
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    Re: Martin Luther King, III looking to buy 50% of the Mets

    Team ownership is the province of billionaires nowadays, especially in New York. Is there a billionaire silent partner in this group?

  7. #6
    Viva la Rolen kaldaniels's Avatar
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    Re: Martin Luther King, III looking to buy 50% of the Mets

    Quote Originally Posted by Unassisted View Post
    Team ownership is the province of billionaires nowadays, especially in New York. Is there a billionaire silent partner in this group?
    Exactly. How much dough would MLK III personally cough up?

  8. #7
    Maple SERP savafan's Avatar
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    Re: Martin Luther King, III looking to buy 50% of the Mets

    Quote Originally Posted by Unassisted View Post
    Team ownership is the province of billionaires nowadays, especially in New York. Is there a billionaire silent partner in this group?
    I don't know this TV executive Larry Meli, is he a billionaire? The articles do mention "a number of unnamed deep pocketed investors". The scary part about that, for Mets fans, is that they could see themselves faced with a situation like we did during the Lindner era with limited partners unwilling to support a strong payroll.
    This is the Cal Ripkin Jr. of typos.

    If you ask me to join your fantasy baseball league and I select Legolas in the first round, don't be angry at me. It's not my fault I've read up on the players and you haven't.

  9. #8
    Maple SERP savafan's Avatar
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    Re: Martin Luther King, III looking to buy 50% of the Mets

    From a Mets message board, I see that the reported net worth of this group is between 1.5 and 2 billion dollars, and another article stating that the King group has more than 1 billion dollars in assets, so it's apparently somewhere between 1 and 2 billion dollars.
    This is the Cal Ripkin Jr. of typos.

    If you ask me to join your fantasy baseball league and I select Legolas in the first round, don't be angry at me. It's not my fault I've read up on the players and you haven't.

  10. #9
    Rally Onion! Chip R's Avatar
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    Re: Martin Luther King, III looking to buy 50% of the Mets

    He has a dream!
    The Rally Onion wants 150 fans before Opening Day.

    http://www.facebook.com/pages/Rally-...24872650873160

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    Member JaxRed's Avatar
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    Re: Martin Luther King, III looking to buy 50% of the Mets

    Quote Originally Posted by kaldaniels View Post
    Exactly. How much dough would MLK III personally cough up?
    They like minority representation. I think that will be his major contribution. I suspect it will have zero impact on reviving interest in inner city.

  12. #11
    SERP deep cover ops WebScorpion's Avatar
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    Re: Martin Luther King, III looking to buy 50% of the Mets

    Aren't they also being sued for the profits they made off Bernie Madoff's ponzi scheme? Something like $50 million? That could put a hitch in the payroll...

    "Okay you guys, pair up in threes!" --Yogi Berra

  13. #12
    Maple SERP savafan's Avatar
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    Re: Martin Luther King, III looking to buy 50% of the Mets

    Quote Originally Posted by WebScorpion View Post
    Aren't they also being sued for the profits they made off Bernie Madoff's ponzi scheme? Something like $50 million? That could put a hitch in the payroll...
    That's why they're looking to sell a minority stake in the team, but most investors appear unwilling to put up the cash for 25% and allow the Wilpons to remain in charge as majority owners in charge of baseball operations.
    This is the Cal Ripkin Jr. of typos.

    If you ask me to join your fantasy baseball league and I select Legolas in the first round, don't be angry at me. It's not my fault I've read up on the players and you haven't.

  14. #13
    Danger is my business! oneupper's Avatar
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    Re: Martin Luther King, III looking to buy 50% of the Mets

    Quote Originally Posted by WebScorpion View Post
    Aren't they also being sued for the profits they made off Bernie Madoff's ponzi scheme? Something like $50 million? That could put a hitch in the payroll...
    I started a thread on this which was deleted for some reason.

    The Wilpons initially were considered Madoff victims, but upon review, it seems that they pulled $50 million more out that they put in. ($48 million to be exact).

    The money would have to come from the Wilpons (not the Mets), so they have several options. Apparently they don't have $50 million laying around.

    One is selling off a minority stake in the team.
    Another is getting a loan with the team or some other asset as collateral.

    I seriously doubt they would sell just a majority stake. If they go that far, they might as well sell their entire holding.
    "A person is smart. People are dumb, panicky, dangerous animals and you know it."

    http://dalmady.blogspot.com

  15. #14
    Vavasor TRF's Avatar
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    Re: Martin Luther King, III looking to buy 50% of the Mets

    as a comparison only, George W. invested very little in the Rangers, but when he sold, he made millions. He was brought in for his name. It isn't all that uncommon.
    Suck it up cupcake.

  16. #15
    Viva la Rolen kaldaniels's Avatar
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    Re: Martin Luther King, III looking to buy 50% of the Mets

    This story never smelled right to me...

    http://www.ajc.com/news/king-balks-at-mets-822786.html


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