SNY, Comcast & TimeWarner to buy final share of Mets

PolaroidRichard Sandomir of the New York Times says, “Time Warner Cable and Comcast are nearing a plan to finance SNY’s purchase of four shares in the Mets, worth $80 million,” according to one person with knowledge of the plan.

The deal would mean 16 percent of the Mets would be owned by SNY, of which Sterling Equities owns 70 percent, Sandomir explains. Comcast and TimeWarner own 30 percent.

“Their interests are aligned with the team’s doing well,” sports media investor Chris Bevilacqua told the Times.

According to Sandomir, “If the deal is completed, the Mets would appear to have buyers for the 10 shares they are selling,” meeting their goal of raising $200 million, which means “they will have much-needed cash to pay off their substantial debts,” though “it would be a slightly quirky way of doing it.”

Yesterday, Bill Shaikin reported in the LATimes that billionaire investor Steve Cohen, who is trying to buy the Dodgers, is close to buying a $20 million share of the Mets as well.

“If Cohen were to buy the Dodgers, he would have to sell his stake in the Mets,” Shaikin said. “However, by helping the Mets, Cohen could be in a favorable position to buy the Mets outright if the team were put up for sale and the Dodgers were sold to another party.”

Earlier this week, Steven Marcus of Newsday said the Mets expect to complete the sale of 10 minority shares of the team at $20 million each by the end of February.

[line]

Here are a series of Tweets on the subject from and to ESPN’s Adam Rubin:

[jbox color="gray"]

[/jbox]

[line]

To read more, check out Sandomir’s report in the New York Times.




0 comments