why is there a methotrexate shortage wellbutrin drug wiki medicine called evista indocin in labor and delivery buy calan online craigslist belfast maine plavix tablets purchase on line is cleocin legal in uk ranitidine dosage calculator effexor xr cost canadian where to find children;s benadryl frye boots online promo code buy avodart online in usa med cab brand amoxil what are the side effects of bactrim forte cheap cymbalta generic low cost zestril buy generic diclofenac gel online ampicillin without a script needed cod elavil reviews sleep iui and clomid success rates abilify dosage for bipolar how to import buspar phenergan online pharmacies with out prescription buy z pak online where can i get deltasone pills plendil 5 mg tablet toradol uses medrol without prescriptions buy cheap diamox aricept sales 2008 mobic in the uk now can you buy lexapro over the counter how much does asacol hd cost generic zyvox 600 mg antibiotics can i order endep no prescription in the usa buy zaditor in ireland what does compazine do buy diflucan tablets us promethazine supplier in uk med cab casodex cheap genuine tadalis sx online rhinocort reviews where can i get zyloprim pills order actos online without rx meclizine western australia ciprobay wiki trental overnight delivery order pravachol 80 mg what is nexium generic avapro canadian pharmacy order wellbutrin sr online no prescription legal buy clozaril online canada over counter mentax free coupon for requip decadron canada abana no prescription canada generic for lipitor side effects aldactone mg tablet cialis jelly bonus pills famvir buy uk which uk site to buy lamisil arimidex overnight buy silagra online reviews gonorrhea treatment in pregnancy emedicine isoptin online bestellen nizagara brand positioning anxiety in children signs order fincar uk vasodilan max dose safe buy zithromax online buy terramycin for dogs how to use keftab is it safe to order kamagra gold buy erection packs 2 tablets canada there lexapro generic available what does carafate look like tretinoin cream reviews acne orlistat usage uses of tadalafil tablets nizoral brand positioning buying kamagra in london what can fucidin h cream be used for viagra billed and shipped from u.s. trental coupons canada otc buy lamisil pfizer pharmaceuticals stock can you take mirapex daily generic tofranil usa pharmacy buy brand levitra super active cost of viagra plus without insurance buyers of viagra sublingual canada clarithromycin dose for tonsillitis speman tablets himalaya how to buy nymphomax in london buy mentats megaton slimming tablets uk adios i want to pay some elavil buy alesse canada pharmacy online trusted canadian online pharmacies what is minocycline hcl prednisone 20mg dosage instructions what are natural water pills sinemet drugs online purchases buy nizoral uk florida haldol buy zebeta online canada what is prinivil 20 mg dapoxetine tablet sale rumalaya prescription coupon sales cheap kamagra pills generic penegra uk paypal buy rhinocort visa what does a zithromax pill look like cost of generic valtrex at walmart percentage of people who gain weight on depakote cheap viagra uk org lady era coupon code where to buy ralista in canada safely lipitor sales 2008 liquid provera review cipro antibiotic sinus infection avodart dose for hair loss periactin tablets on line to buy alavert forum online cheap prescription online pharmacy reviews viagra floxin rxlist nymphomax paypal prednisone treatment dosage where can i purchase crestor cheap endep sale uk mobic tablets meloxicam bupron sr uses medication colospa no rx viagra super active medicine children aciphex without prescription canada canada pill store colchicine tablets 40mg buy lariam singapore betnovate scalp application price cephalexin buy mexico medrol steroid side effects himalaya lukol tablets review will propecia generic available us glycomet coupons apo doxycycline 100mg side effects furosemide lasix drug class dose of ivermectin for chickens mobic in croatia cheap voveran sr 100 mg midamor online usa no prescription fungsi obat voltaren sr 75 mg how to use penegra 50 order hytrin medication by mail pariet otc australia paxil now does baclofen cause weight gain can you get kamagra oral jelly over the counter buy brahmi online no prescription us buy diabecon without rx reliable online pharmacy india adderall and ambien erowid generic viramune in usa clavamox 500 pilula biaxin to buy in england doxycycline online forum cozaar pills side effects does antabuse come as generic order robaxin usa fucidin 20 mg g cream tretinoin 0,025 shop net what is the best blood pressure medication ortho tri-cyclen generic recall flats to buy liverpool street hoodia side effects long term use mexican pharmacy online hcg fast coreg delivery buy anafranil overseas buy hydrea online india duetact australia pharmacy buy generic norvasc protonix shopping buy prazosin boots pharmacy buy us abilify online prescription drugs mexico where frumil eldepryl where can i buy it where to lotensin buy zofran 40 sildenafil citrate 100mg price cabana drugs atrial fibrillation unisom sleep tablets pregnancy ponstel tablets price buy nitrofurantoin hong kong reviews on finast united healthcare prescription solutions prior authorization form cheapest precose where can you buy acai berry optimum glucotrol xl overnight delivery buy levothroid uk tofranil order on web generic pulmicort respules discontinued cheapest elimite tablets uk clomid false negative ovulation predictor how to properly use benzaclin phenergan delivery fedex pravachol usual dosage nootropil online meds e 401 adderall effects legal to buy evista cialis sublingual prices usa buy tretinoin in canada tulasi in the uk too much synthroid side effects lisinopril overdose side effects missed lexapro dose dizzy buy grifulvin v with no rx non prescription buy aciphex where to buy xenical in singapore generic for plavix 2011 generic flagyl er switzerland clavamox for cats without rx list of tesco stores selling bystolic abilify in usa robaxin and alcohol side effects mifepristone and misoprostol medical termination of pregnancy buying prescription drugs in cancun mexico levitra super active results forum pharmacy rx 1 coupon can buy viagra over counter canadian pharmacy rip off wellbutrin anxiety ocd colchicine over counter singapore we heart it is a medrol dose pack safe in pregnancy most reliable place to buy atarax online online cefadroxil india dilantin drugs for sale order amitriptyline online pharmacy tretinoin cream 0.05 buy online lipothin without prescription miami colchicine discount coupon arthritis where to buy cozaar with amex zyban drug oversea buy generic abana drugs what are the side effects of methotrexate non generic buy atorlip online listaflex carisoprodol 350 mg para que sirve buy brand lotrisone metformin best place to buy strattera in india actoplus met online without prescription order actos 1 diabetes pharmacy buy actos online usa propecia satan eczaneler testosterone replacement therapy for men uk generic cialis soft uk paypal cheap inderal india haldol decanoate package insert buy antivert lowest price como comprar female viagra monthly cost of propecia buy hong kong benadryl allergy what is finast drugs where to buy penicillin g benzathine low price diltiazem uk pyridium online australia lisinopril overnight shipping cheap discount code for omnicef what is albuterol sulfate used for in children daruharidra online pharmacy viagra uk prescription diarex drugstore himalaya rx betnovate free shipping what is tetracycline drugs the chepest arimidex tadacip buy australia alli slimming pills reviews buy viagra same day delivery discount canadian pharmacy cytoxan best generic zyban review companies that sell viagra without a prescription amitriptyline 100 mg for dogs celexa and alcohol best over the counter anxiety medication uk caverta online cheap online pharmacy india phentermine best drugstore liquid makeup for oily skin order trazodone from uk without prescription bystolic without prescription canada propranolol hcl manufacturer india average pharmacy salary ireland free vigraga samples from canadian phramcy canada pharmacies online that sell finpecia buy carafate discount generic lasix pill inderal la 120 mg side effects non generic pyridium lisinopril dose for renal protection how long does it take for doxycycline to kill chlamydia zoloft uk online buy cefadroxil us how to taper prednisone in asthma get zyban las vegas buying acai in bulk cheap no rx diflucan online is evista a prescription drug furosemide online canada where to buy levothyroxine discount best way to get high on pain pills helena indian alliance montana generic form of tamoxifen buy ciprofloxacin hydrochloride online legitimate online pharmacies in india what is ibuprofen 400 mg used for provera 10mg side effects how to take medrol mg methotrexate injection discontinued clomid from canada pharmacy buy aldactone perth australia buy female cialis online with no prescription diclofenac gel drugs for sale ordering professional sildenafil viagra soft propranolol prices cvs dosis aciclovir para varicela reminyl prix en pharmacie en france snovitra super power new zealand ciprobay 500 tablete common side effects of hytrin can you order deltasone my canadian drug store zestoretic woldwide shipping what is imuran for rumalaya price india how to buy malegra dxt buy cheap vpxl buy levothroid 20 owerseas viraga sustiva next day research grade prandin nolvadex pills no prescription diflucan online from usa buying albendazole from canada no prescription canada prescriptions cheap how long does it take for revia to work acheter colchicine maximum daily dose of luvox methotrexate tablets usp non prescription viagra women bystolic 5 mg weight gain 12v lithium ion car battery for sale torsemide australia pharmacy non persciption colchicine buy tricor from canada eurax online cheap benfotiamine medicine online kamagra gold 100mg dosage can youtube buy cialis jelly in ireland online pill store nizoral ships from india rogaine 5 italiano valtrex dosage herpes zoster ks pharmacy online thailand where can i buy keppra in canada best price kamagra uk feldene discount no prescription vytorin sales 2012 malegra dxt pas cher buy online bentyl generic dutas discount medications xenical availability uk list of tesco stores selling colchicine should i buy viagra over the counter canada mps viagra lawsuit buy malegra fxt pills over the counter flagyl tablets atorlip-20 canadian pharmacy where can i buy non drowsy benadryl alesse prix en pharmacie en france cheap alli weight loss uk can you buy acivir pills pharmacy plendil 10 mg cost side effects of drinking alcohol while on flagyl kamagra gold medicine online glucotrol xl in the uk insulin resistance diet plan ampicillin side effects alcohol order generic calan pilex for sale australia sominex over counter adalat generic for antabuse maxaman in croatia omnicef pharmacy coupons xeloda doctors online legal buy toprol xl online canada retin-a cream boots januvia tablets diabetes comprar mevacor en argentina cialis online pricing in canada how to buy diakof order cheapest viagra full form rx doctor;s prescription imuran over counter torsemide tablets 10 mg non prescription rumalaya gel pharmacy is there a generic for bactroban ointment does finpecia really work doxycycline hyclate- antibiotic side effects baclofen online overnight recommended dosage of doxycycline for urinary tract infection abilify overnight buy keflex 50 levlen mist canada where do i buy erythromycin canadian chinese alliance churches association ccaca acronym advair copd coupon protonix medication on line where purchase sominex side effects of fincar 5mg buy xenical 120mg hard capsules buy amitriptyline in the uk zofran price without insurance what are ranitidine pills for can you only get danazol on prescription where to buy aldactone online mexico differin 40mg nitroglycerin explosive video buy snovitra super power mg online buy generic accutane with bonus side effects of taking aygestin can you buy l-tryptophan over the counter prednisone moderate alcohol consumption grifulvin v roche precio argentina how much will cafergot cost flagyl medication uses is viagra over the counter in uk boots robaxin over counter canada what is nexium tablets for buying metformin from canada no prescription buy orlistat hong kong cozaar generic name losartan cytoxan medication where to buy can you buy norvasc over the counter in germany valacyclovir hcl 500 mg tabran zenegra italiano lisinopril side effects forum omnicef canada overnight delivery buy clonidine online paroxetine and alcohol consumption order proventil hfa staxyn how long to take effect how long do i have to take keppra order adalat 3 pharmacy can you buy nizoral at cvs allopurinol and warfarin online pharmacy uk tretinoin 0,05 methotrexate medicine definition many pharmacies japan antidepressant drugs fluoxetine my meclizine coupons buycialisonlinecheap can you buy isoniazid where purchase minomycin cheapest online purchase prevacid best metoclopramide prices albendazole compare prices buying doxycycline in bangkok buy lexapro online viagra online paypal drugs z pack antibiotics warnings buy aleve without a script get estrace toronto overnight pharmacy lasix cheap rosuvastatin cost comparison diabecon shelf life comprar malegra fxt original en madrid viagra canada shop reviews buy lozol pills online buy jelly cheapest kamagra premarin from europe side effects of cytotec comprar bentyl original how to take zovirax un rey en la habana online free prescriptions by mail costco femcare prices usa buyers of pariet canada xenical canadian source fda canada canadian generic pharmaceuticals association order viagra professional online canada trazodone tablets they buy terramycin australia purchase nizoral in us bula prednisona 5 mg best price levitra online singulair cost comparison toradol drugstore.com discount code for liverpool shop health canada retino-a cream 0,025 dulcolax online kaufen xenical results orlistat how much does antabuse cost non persciption proventil chloromycetin italiano dapoxetine 60 mg tablet health canada viagra sublingual best online pharmacy generic avandamet micardis shelf life diclofenac gel pas cher italie buy styplon new zealand online what does trazodone hydrochloride look like glucophage tablets on line to buy aciclovir prices usa billig azulfidine online kaufen overactive thyroid medication and weight gain mexican pharmacy no prescription maxalt delivery online generic aceon tinidazole tablets loose motion lady era generico italiano buy generic viagra plus online no prescription free or low cost lanoxin zetia medicinenet will propecia go over counter ginseng prices in kentucky 2012 side effects of glucophage metformin what is the recommended dose for cymbalta can you buy ciplox 500 in south africa use cialis sublingual coupon online use differin gel 0.1 tadalafil online reviews online abilify purchase neurotin sold in canada purchase accutane 5mg free viagrafix office 2000 tutorials can you buy venlor online is escitalopram better than fluoxetine where to buy allopurinol tablets overnight delivery no prescription ortho tri cyclen pill rx health order lotrisone products buy actos tablets canada comprar naprosyn online cheap exelon 3 mg anafranil 10 mg prospect buy shatavari with paypal
Home Pete Toms LWIB: Diving Deep into the Partial Sale of the Mets, Tidbits with Interested Dodgers Buyers

Like Shoot to Thrill - An AC/DC Tribute on Facebook!

An authentic tribute of AC/DC that covers the best of the Bon Scott era and the best of Brian Johnson's material

Who's Online?

We have 974 guests online

Atom RSS

LWIB: Diving Deep into the Partial Sale of the Mets, Tidbits with Interested Dodgers Buyers PDF Print E-mail
User Rating: / 3
PoorBest 
Pete Toms Article Archive
Written by Pete Toms   
Tuesday, 01 February 2011 08:34

Last Week in Bizball by Pete Toms

This week in “Last Week in BizBall”, the Mets search for minority investors, plus many tidbits including prospective new Dodgers’ owners.

THE METS SEARCH FOR MINORITY INVESTORS

You already know that THE business of baseball story last week was the announcement made by Mets owners Fred and Jeff Wilpon that they have retained Steve Greenberg of Allen & Co. to assist in their search for strategic partners. In other words, the Wilpons want to sell a minority stake in the Mets. The announcement also made an indirect, but unmistakable, link to the search for minority partners with the lawsuit brought against the Wilpons (more accurately, Sterling Equities) in December by Irving Picard. Mr. Picard is the court-appointed trustee representing the victims of Bernard Madoff’s infamous Ponzi scheme. According to press reports, Mr. Picard has so far recovered $10 billion from former Madoff clients who profited from his Ponzi scheme. Mr. Picard is reportedly seeking to recover at least hundreds of millions dollars from the Wilpons and perhaps as much as $1 billion. Again reportedly, Mr. Picard’s lawsuit alleges that the Wilpons either knew, or should have known, that they were profiting illegally. The NY Times reported last week that, two years ago, Wilpon and Saul Katz (President of Sterling Equities) were forced to repay close to $13 million after a different Ponzi scheme collapsed. If last week’s reports are correct, the Wilpons have been searching for investors over the last year (which predates the filing of Mr. Picard’s lawsuit). The Wilpon’s public announcement that they are seeking investors likely indicates that their need for cash has become more urgent. Last August I brought attention to reports that the Mets controlled RSN SportsNet New York had borrowed $450 million, more than half which would be used to pay dividends to the channel’s investors, including the Wilpons. That same report included the news that the Mets holding company had refinanced $375 million of debt. At the time, the SportsBusiness Journal reported that as a result of MLB playing hardball with the lenders in the Texas Rangers bankruptcy, combined with uncertainty over the end result of the Wilpon’s investments with Madoff, Fred Wilpon and Saul Katz were required to “… put up more personal collateral than they wanted.” to secure the loan. Jeff Wilpon told reporters last week that raising cash via loans from banks or insurers was also an option but given the uncertainty surrounding the Picard lawsuit, the considerable debt already associated with the club and stricter loan convenants for sports lending, that may well be only posturing. Fred Wilpon will reportedly meet with Commissioner Selig this week. Might MLB loan the Mets cash as they did the last year with the Rangers? Might MLB’s debt-service rule that forbids club debt exceeding more than ten times EBITDA prevent additional borrowing? All in all, it was an ignominious week for the Mets franchise. According to the WSJ, “…experts say, Friday's announcement could mark the beginning of the end of the Wilpon family's controlling interest in the team.

SELECT READ MORE TO SEE FURTHER DETAILS ON THE MINORITY SALE OF THE METS, PLUS THIS WEEK'S TIDBITS, WHICH INCLUDES AN UPDATE ON A POTENTIAL SALE OF THE DODGERS

Going forward, will the Mets have difficulty concluding agreements with potential minority investors? At first glance, one would think no. After all, according to the 2010 Forbes valuations the Mets are the 3rd most valuable MLB franchise, worth only slightly less than the Red Sox. And NYC is baseball’s mecca, home to a disproportionate number of the very wealthy typically attracted to such “vanity buys”. Ken Belson wrote, “Given the concentration of wealthy individuals and companies in New York, and the scarcity of professional teams for sale in the country’s largest city, the Mets should find no shortage of potential suitors.” Belson quoted Marc Ganis, president of SportsCorp, “There are plenty of people who want to be aligned with a glamour team like the Mets and New York,” But Mr. Belson also astutely observed that, “A sale, though, depends on what the Mets are willing to sell and under what conditions.” And that is the challenge the Mets face. In recent years, franchise owners have struggled to attract minority investors. In May 09, Lyman G. Bullard, Jr., who practices sports law in New England, wrote in an opinion piece How franchise sales will fare in challenging credit climate, “The challenge will be getting minority partners to sign on. Typically, minority partners have put up substantial capital for very little in return other than good seats and bragging rights.” In June 09 I brought attention to reports that Cubs owner Tom Ricketts was struggling to raise $150 million for his acquisition of the club via a combination of “perk notes” and “non-voting shares” in the ball club. The aforementioned WSJ report noted that:

The move the Mets are trying to pull off has become difficult in recent years in the sports business. The market for sports franchises essentially dried up in 2008, and while values have rebounded the past 18 months, the limited-partnership market has been more challenged, said Rob Tillis, principal at sports-investment advisory firm InnerCircle Sports.

AND

In the past two years, Texas leveraged-buyout king Tom Hicks tried to bring in limited partners to finance his ownership of the Texas Rangers baseball team, the English soccer club Liverpool and the Dallas Stars hockey team.

But when no buyers appeared who were willing to hand their money over to Mr. Hicks and cede all control to him, Mr. Hicks, who needed to raise money to meet his debt obligations, was forced to sell all three entities, though the Stars remain on the market.

The New York Times Co. has been trying to sell its 17.75% stake in New England Sports Ventures, owners of the Boston Red Sox, for more than a year, but so far has sold just 6.6% of its investment.

The Wilpons were adamant in the press last week that they were only interested in selling a 20-25% stake in the Mets. Ken Belson reported that that might prove problematic, “Andrew Murstein, president of Medallion Financial Corp., which has invested in sports teams, said that a 25 percent stake in the team without any control would be less attractive to potential buyers. “People who buy teams want to put their imprints on them, and without control, you can’t do that,” Murstein said.” The Wilpons also insisted that any sale would NOT include an interest in the club controlled RSN SportsNet New York. Only two days after the Wilpons announcement that they were soliciting offers for a minority stake in the club, a group led by Martin Luther King III made public their interest in investing in the Mets. But, there was a big but. King’s group is, at least for now, seeking “at least a 50 percent” stake in the franchise. The aforementioned Rob Tillis told the WSJ, “This is going to be all about the size of the check, valuation and control," "Also, does the limited partner get a piece of SNY?" From Tom Van Riper’s blog at Forbes, “If it’s a just a suite and capital calls, there won’t be much interest,” says industry consultant Marc Ganis of Sports Corp. Limited, who thinks any serious offer would likely have to include capital call protections and an interest in the Mets’ SNY cable network. “The market is good, but the investors are very picky,” he says.

Naturally there was speculation that the Mets minority partners in SportsNet New York, Time Warner Cable and Comcast, could invest in the franchise. There was also speculation that Cablevision could step forward. Comcast is partners with at least several MLB franchises in RSNs (most recently with the Astros in the yet to launch CSN Houston). Investing in the Mets would mark a strategic change for TWC and Cablevision. TWC “sold” the Atlanta Braves to Liberty Media in 07. Last year Cablevision spun off a new company which includes 3 pro sports franchises and two RSNs.

The New York Mets remain one of MLB’s most valuable franchises. They are one of two franchises in the best baseball market in the world. They play in a ballpark only two seasons old. They own a majority stake in a lucrative RSN. They signed the last of the pre Lehman Brothers stadium naming rights deals. (20 years / $400 million with Citigroup) The Wilpons challenge in attracting investors to the Mets is not proving that it is a viable and valuable asset. The Wilpons challenge is limiting the control they relinquish over the Mets. And as LWIB ended, whether the Wilpons eventually retain any control over the Mets appeared far from certain.

TIDBITS

  • Sooner or later the Los Angeles Dodgers will be for sale and I think you all understand why (and are probably sick of it). LWIB, Andy Fixmer reported for Bloomberg that billionaire Alec Gores “…is preparing a bid for the Los Angeles Dodgers…” According to the report, fellow billionaire and brother Tom Gores might be part of the same group bidding for the franchise. The report also claims that others interested in buying the franchise are Alan Casden (another billionaire), Mark Cuban (also a billionaire) and a group fronted by Steve Garvey (probably not a billionaire).
  • Don Walker blogged about the Brewers’ new scoreboard. More specifically, Don wrote about how the state-of-the-art picture quality of the TV replays coming to Miller Field this season will not include replays of close calls. Evidently the Brewers think it is time for MLB to allow fans at the ballpark to view replays of close (even blown) calls. I agree with the Brewers.

Rick Schlesinger, the Brewers' executive vice president of business operations, told Marquette University law students on Thursday that he would like MLB to change.

AND

With a new scoreboard, Schlesinger said he wants to see if the Brewers can "push the envelope" a little this upcoming season so that fans can get a glimpse of close calls.

"If we get a warning letter from MLB for being too aggressive on replays, well, OK," Schlesinger said.

  • According to a Harris Interactive poll, 17% of Americans who follow at least one sport identified baseball as their favourite sport. By comparison, 31% cited pro football, 12% college football, 6% pro basketball and 4% college basketball. Harris has been conducting this poll annually since 85 and in recent years baseball’s numbers are virtually unchanged. They are down 6% from 85.
  • According to TicketNews.com, the Atlanta Braves have launched a season-ticket exchange. "This innovative and easy-to-use online tool will give fans who are interested in purchasing season tickets the opportunity to find partners to share the cost and will help our current season ticket holders organize and distribute their tickets," Derek Schiller, executive vice president of sales and marketing for the Braves, said in a statement. "We feel strongly that this is a simple way for fans to find others who share the same passion for Braves baseball and become an Atlanta Braves season ticket holder."
  • It’s official, Triple A has returned to Tucson. Ballpark Digest reported on the unveiling of the logo of the Tucson Padres.
  • Do you care who the commentators will be this season on ESPN Monday Night and Wednesday Night Baseball? If you do, Fang’s Bites has the press release here.
  • Yankees’ owned RSN YES was the most watched RSN in the US for 2010. That marks the 8th consecutive year that YES has been able to make that claim. At least that’s what YES says. Fang’s Bites has the press release here.
  • About 30 years ago a fellow Canadian in British Columbia quit his job and launched Baseball America from his garage. Because of that, Allan Simpson will be inducted into the Canadian Baseball Hall of Fame later this year. Read Allan’s story here.


Pete Toms is senior writer for the Business of Sports Network, most notably, The Biz of Baseball. He looks forward to your comments and can be contacted through The Biz of Baseball.

Follow The Biz of Baseball on Twitter Twitter

FacebookFollow the Business of Sports Network on Facebook

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?