After turning away Steve Cohen, the Wilpons are having difficulty trying to find a new potential buyer for the New York Mets.
Last Friday, official word came in that Steve Cohen’s bid to buy the New York Mets had fallen through. Reports suggest that Cohen wasn’t happy with the lack of control he would receive and looked to change the deal late. The Wilpons were unhappy with the late attempts at change and the deal fell through.
It didn’t take long for the Wilpons to announce that they would be seeking new buyers. They even enlisted the investment bank Allen and Company to aid in the sale. The bank has aided in the sale of a number of professional sports teams, most recently the Buffalo Bills.
The bidding was set to begin on Monday, Feb. 10, but the sale has already hit a snag. According to Charles Gasparino of Fox Business Network, nobody wants to buy the team.
dont have kind of coin. Most members of the controlling Wilpon and Katz families want to cash out and are kicking themselves over the missed opportunity with Cohen. That leaves Jeff Wilpon and Fred looking to make lemonade out of lemons more later w @LizClaman @FoxBusiness
— Charles Gasparino (@CGasparino) February 10, 2020
Steve Cohen was ready to purchase the Mets for a record price. Now, the Wilpons can’t find anyone who’s willing to meet their asking price.
The $3 billion price tag is a high one. It’s nearly $1 billion more than Forbes estimates the franchise to be worth. Add in the fact that the Mets are $350 million in debt and it’s clear why there’s little interest.
Fred Wilpon and Saul Katz want to sell the team. Fred Wilpon needs to sell the team to cover his debts as part of his estate planning. The only controlling owner looking to keep control is Jeff Wilpon.
The rise in price is likely reflective of the money it would take for Jeff Wilpon to give up control completely, not simply the price of the team.
With no buyers seemingly interested, it’s likely the price will have to come down. If not, the Wilpons and Katz will be left with an asset they no longer want.