Katz

Report: Katz wants to sell stake in Mets

Mets President Saul Katz may be interested in selling his portion of the Mets, “because he has grown tired of spending millions to prop it up,” according to several people in baseball briefed on the matter, Michael S. Schmidt reports (NY Times, May 12).

“Katz has been hesitant to sell because it could result in Wilpon’s no longer maintaining majority control, according to the people familiar with Katz’s situation,” Schmidt wrote. “This has created a situation in which Katz has been locked into subsidizing part of the team’s losses in an effort to protect Wilpon, who considers the team a family heirloom and wants his son Jeff to control it for years to come.”

Katz and the Mets later refuted the article in a public statement.

“There is no truth to the reports of any intention of selling,” Katz said in the e-mail. “I have no intention of selling my share of the Mets nor have I ever had any intention of selling my share.”




113 comments
Todd David Ferrell
Todd David Ferrell

I read this as Katz trying to find a sucker to off load and agree to let Freddy and Jeff still run the show.

lholztrio
lholztrio

Have we heard anything yet about what gift Jeff will be presenting to Jeter tomorrow and whether he will say something dumb about how good the Yankees are and how bad the Mets are?

teledingo
teledingo

Good. Take the Wilpons with you. Criminals.

lholztrio
lholztrio

Katz later reiterated that the Madoff scandall and the owner's investment losses would have no impact upon the NY Mets baseball club.

Rob Steven
Rob Steven

Please let there be some truth to this. Jeff needs to go away. I blame the Bud Selig Mafia for torturing us fans for so long. Enough is enough, take your money and run Saul & Fred, let us fans enjoy baseball again. Lets Go Mets!

MildredMets
MildredMets

...thank god for stubhub (who i really cant stand) and craigslist so i can get tix and root for my team without supporting the wilponzis...maybe when selig goes jeff and fred will also...one can hope...

Bryan McEntee
Bryan McEntee

Wait a second, say for example they both own an equal share, say 50/50 each, (ignoring the minority owners for a second) couldn't Katz just sell a handful of shares to the Wilpons and then put the rest of the shares on the open market? That way he can get out and Wilpon gets to maintain majority control. Not saying I agree with that, just that its not like Fred has to buy 100% of Katz stake. He has a huge chunk himself and would probably just need a tiny sliver of Katz's piece to stay in power. True a controlling interest would be much more valuable but Katz and Wilpons are family, he may be willing to take the hit financially to help is brother in law.

JoeBourgeois
JoeBourgeois

Oh please oh please oh please oh please oh please oh please oh please.

I will start going back to Mass.

Oh please oh please oh please oh please oh please oh please oh please.

Shawn R. Babcock
Shawn R. Babcock

We all know there are a TUN of Mets fans that want a new ownership group...but I wouldn't hold my breath. I never believe any of it. The Wilpons have a death grip on the Mets and will do anything to maintain it. I'll believe it when I see it.

C.K. Dexter Haven
C.K. Dexter Haven

By the way, the idea that Sterling Equities/SNY SOLD so many regular season games to WPIX should tell everyone that they are looking for new ways to generate revenues.  I'm fairly certain add revenues have plateaued and are shrinking at SNY.  The Wilpons/Sterling Equities/SNY/NYMets/Saul Katz aren't BROKE, but they ARE losing money.

C.K. Dexter Haven
C.K. Dexter Haven

My first thought on this is  Katz himself leaked this story.  Because he's in a catch 22 situation:  He brought Madoff and the Wilpons together to pay for Citi and Omar's FA signings (don't think for a minute SAUL didn't know it was a ponzi).  But because he did, and it went to hell, he feels obligated to subsidize his long time family friend's financial losses.  Now all of a sudden, Saul's vmail and inbox are going to be FLOODED with messages from "feelers" (for Cuban, Trump...maybe even Einhorn again)


My second thought?  Saul Katz is not going to go down with this ship.  He didn't build a multi-million dollar empire just to piss it all away because his friend has some unrealistic desire to leave a billion dollar ballclub to his ignoramus son.   A son, who has already proven that he isn't savvy enough to helm a multi-tiered corporate structure.  


Last thought?  I haven't been to Citi in 3 seasons. I have encouraged every Met fan I've talked to, not to go to Citi.  Maybe the silent boycott is working?  All I need is to hear that Bud has asked the Wilpons/Saul to take a meeting regarding the future of the franchise, and I'll know this is serious.  Fred and Bud are pals so if the commissioner asks for a meeting you know it's serious.

p8erbaghad
p8erbaghad

If the Mets with a sub-$100mil payroll are losing money, then Matt Cerone is a billionaire.

steve333
steve333

Please, someone, buy this team and give us a break!

Worst owner, GM and manager in the business

eric88
eric88

Stay home., then Saul will sell!

Adolfo Arauz
Adolfo Arauz

Chinks in the wilpon 'armor'. I know, but how often do we find an excuse to say 'chinks'?

Bob Higgins
Bob Higgins

Sell !!!!!!!!!!!! Take the money and run !!! Hope Christmas comes early this year !

Derek Lee
Derek Lee

I would 2. Surprised he could put up with the Wilpons for this long

mettle
mettle

Let's all chip in and buy the team, like the Packers

Kevin VanTassell
Kevin VanTassell

Just another sign on how screwed we are as Mets fans. Maybe this means that the Wilpon's will have to sell, but they will fight it probably for years.

Jatin A. Shah
Jatin A. Shah

Maybe Nelson Doubleday & family want to come in a unseat the Wilpons! : )

MetsFan1962
MetsFan1962

Had Saul Katz and the Wilpons spent wisely on the team they would not have suffered loses season after season. You can't run a club on deep discount players.

lholztrio
lholztrio

@Rob Steven  I'm looking forward to seeing the Hodges/Seaver Rotunda at Citi Field

C.K. Dexter Haven
C.K. Dexter Haven

@Bryan McEntee  I would think those avenues were pursued prior to this information being "leaked".  If all the principals understand Fred's desire to leave the NY Mets and it's myriad entities as a legacy to Jeff, then they've maneuvered to this point to accomplish that (being in business together for 40 years and all).  But, with Met fans' disgust showing a tangible effect on Sterling bottom lines, some financial restructuring has to be initiated.  I would think at this point the Wilpon side of Sterling Mets doesn't possess the buying power (cash OR credit) to buy any further shares....from anyone.  

qualcomm
qualcomm

@Bryan McEntee That probably hints at their ability to spend money out of pocket.  It also explains why they can't dip into their personal resources to help the team as well... maybe a bank restriction on spending?  

Bryan McEntee
Bryan McEntee

@C.K. Dexter Haven Wilpon knew Madoff since 1980. Katz didn't bring them together so the Wilpons could build Citi. Happened long before that. Saul is also Jeff's uncle. I doubt he thinks of Jeff as an ignoramous

Shawn R. Babcock
Shawn R. Babcock

I don't think it's right that the Mets are on a right wing radio station that is all about Rush and Hannity. I wouldn't think it's great if they were on a left station that's all about Stewart and Collbert. It's just not a good fit to a part time sports segment on a politically sided radio station. Bunch of cracker jack stuff. Turns a large group off...bad biz.

Howard McDonald
Howard McDonald

@Victor Triguero Who cares what that fat toad says or thinks? The Stinkees will be on the down side once Jeter retires. The Fan didn't want the Mets back on their station in the 1st place. The Mets made WFAN.what it is today. Anyone who even listens to him will suffer from a severe case of burning of the brain.

stage52
stage52

@Victor Triguero Who gives a crap what some old Emperor without clothes says at this point. The Mets are now making more money being on WOR Radio

greekgod
greekgod

@MetsFan1962  GM's of the Mets overpaid their players who were old and half dead......that was the problem.....now they can't afford ther better ones.....only rejects from other teams.

shea
shea

@MetsFan1962  it has NOTHING to do with that....you are (AGAIN) buying what the mets are selling.


It is due to one thing...and one thing only.....MADOFF


Madoff is the reason they were able to buy

Madoff is the reason they are forced to sell


This notion that it was some bad contracts is ridiculous , if payroll was at the level it was pre-madoff those bad deals would be water under the bridge. (they make the narrative "bad"contracts because they cannot afford the narrative to be "madoff and we're broke"


Madoff is the reason you sign bonilla to a 30 year deal

Madoff is the reason you go heavily into debt with a new stadium

but when Madoff goes to jail...that bonilla deal looks bad, the debt from the stadium becomes unbearable. 


lholztrio
lholztrio

@Bryan McEntee  He may not think Jeff is an ignoramus but he probably thinks Jeff is a spoiled, rude, smug A hole.  

C.K. Dexter Haven
C.K. Dexter Haven

@Bryan McEntee  I stand corrected on the timing of the Wilpons and Madoff's meeting.  But not on much else.  Saul Katz has been a successful businessman for decades.  I doubt he got that way by making a habit of subsidizing sick investments with healthy ones.  With no Madoff ponzi to rely on to bail either of them out, he's getting to the point where he's got to cut his losses....for the betterment of HIS family.


As for his feelings for Jeff..."ignoramus" would be a business designation.  I'm sure he feels something different for him on a personal level.  I'd venture to guess that it hasn't escaped Saul's notice that Jeff has a tendency to sour the matters he gets intimately involved with.

qualcomm
qualcomm

@Bryan McEntee I disagree... we are sometimes harshest judges on our own family. If ANYONE knows what Jeff is, it's Uncle Saul. 

qualcomm
qualcomm

@stage52 It is kind of terrible though.  WFAN has a good podcasting set up and now there are no Met interviews anywhere 

shea
shea

@stage52  they say if you cant attack the message you attack the messanger...i cant stand fatcessa....but he's right 

shea
shea

@greekgod @MetsFan1962  you dont think the problem might have something to do with being caught up with the biggest ponzi scheme in history?  

stage52
stage52

@Victor Triguero @stage52The break from WFAN was a mutual  agreement by both parties and not how Mike is telling it.  The fact is that Francessa was thrown off Yes Network.