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The Mets’ sale process is nearing a finish with much still left in the air. Suitors are preparing to make final bids by a just set Aug. 31 deadline, as first reported Tuesday by Sportico. Yet, the three main remaining bidders have not seen the detailed Mets financials and are expected to start reviewing the …
The Mets’ sale process is nearing a finish with much still left in the air.
Suitors are preparing to make final bids by a just set Aug. 31 deadline, as first reported Tuesday by Sportico.
Yet, the three main remaining bidders have not seen the detailed Mets financials and are expected to start reviewing the numbers in depth later this week, sources close to different bidding parties said.
With the Mets losing roughly $90 million in a normal season, that could impact the offers. The Mets are saying there is a path to breaking even in four years, another source close to the process said, adding he is not yet convinced. Once source familiar with the Mets financial position merely laughed.
So far, the groups led by the three known remaining suitors — hedge fund billionaire Steve Cohen, former Yankees star Alex Rodriguez, and Philadelphia 76ers owners Josh Harris and David Blitzer — have indicated they will bid a little more than $2 billion. Still that number could drop.
Meanwhile, Cohen, who is the favorite in the auction because of his $14 billion net worth, will need to gauge how much more he needs to bid than his rivals to be chosen, sources said.
There is still a question as to whether the required three-quarters of baseball owners would approve him as a buyer due to his checkered past, sources close to owners have told The Post.
The Mets would be taking a chance if they choose him over a suitor who has a better chance at approval.
After the Mets choose a winner, MLB will conduct a thorough investigation of the buyer. Cohen’s prior hedge fund SAC Capital Advisors in 2013 agreed to settle a government investigation by paying a $1.8 billion fine and pleading guilty to securities fraud.
U.S. Attorney General Preet Bharara said at the time of the settlement, “Today marks the day of reckoning for a fund that was riddled with criminal conduct.”
Then, Cohen in February broke a non-binding deal to buy the Mets for $2.6 billion after reportedly clashing with the Wilpons on short-term control of the franchise, leading some to believe he is untrustworthy.
