The search for minority owners in the New York Mets has reportedly been narrowed down to eight. According to the New York Daily News, the eight groups have been vetted by Major League Baseball and will be looking to purchase between 25-40 percent of the club.
"Now they'll decide who gets to Round Two," said a source to the Daily News. "They are very happy with the numbers they're seeing. There's a range - the low end is marginally acceptable and the high end is very acceptable."
From the report:
The Mets' owners are expecting to raise between $150 million and $200 million for a stake in the team. The cash infusion from an investor is expected to be used to operate the team, as the Daily News has reported, not to pay off any Madoff liability that might arise out of the litigation or a settlement. The team would conceivably pay off a $25 million loan it recently got from MLB and some of its bank debt on the club itself. That would leave about $100 million for the team.
On top of the Madoff lawsuit, attendance issues have plagued the Mets since moving into Citi Field. Last year, the Mets ranked 12 in attendance drawing 2,559,738, an average of 32,401 or¬† just over 77 percent of capacity.
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