Forbes’ Mike Ozanian reports that Fred Wilpon reached out to Steve Cohen of SAC Capital and Marc Lasry of Avenue Capital to offer them a stake in the New York Mets, but that both billionaires turned him down.Why? Because the Wilpons insist that they will not give any new minority partners a controlling stake in the company. That little wrinkle may prove to be their downfall.
The Wilpons want to sell a 25% stake in their baseball team to raise funds for their legal troubles over Sterling Equities’ dealings with Bernie Madoff. But no rich guy worth his salt is going put up that much cash for any company and not expect some kind of say in how it’s run.
Plus, if they wait long enough — and the lawsuit with the Madoff trustees goes bad — an truly interested buying could probably pick up the whole team later on, at a much better price.
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