[credit provider=”AP Images”]
Remember that desperate ploy by the New York Mets to attract new minority, non-controlling investors by offering 4% of the team along with access to Mr. Met and a business card that says “owner” for $20 million?Well, it worked.
The Mets are close to putting the finishing touches on the sale of five of those minority shares, according to the New York Daily News (via Hardball Talk).
Major League Baseball has approved the investments and the $100 million will go toward helping the team pay off its $350 million debt. The Mets will use the money to, among other things, pay back a $25 million loan from MLB and a $40 million bridge loan from Bank of America.
Despite the temporary relief, the club still plans on selling more of these shares after losing around $70 million last year and with its owners having to deal with a $386 million lawsuit from victims of the Bernie Madoff ponzi scheme.