Wednesday, September 23, 2020

SNY for sale?



From The NY Post

I have heard over the years that the other partners in SNY really can't stand the Wilpons/Mets and have clashed with the Wilpons/Mets in the past. And it has gone the other way too. Even though they are saying the Wilpons own 65 percent of SNY, there are about 800 million dollars of loans leaned agains that percentage. I have been told by some folks( I don't know how much of this is true though so it is just here say right now) that some of those loans have come from the partners of SNY.

 The Wilpon family is open to selling the SNY cable television station after they finish selling the Mets, sources close to the situation said.

They would like the buyer of their 65 percent stake in SNY to be the new owner of the team, which looks to be Steve Cohen.

This month Cohen signed a deal to buy the Mets for about $2.45 billion, a record price paid for a sports team, and is now hoping to get approval from three-quarters of Major League Baseball team owners so he can complete the deal.

There have been no talks, though, between Cohen and the Wilpons about SNY, sources said, disagreeing with media reports Tuesday saying Cohen has an exclusive 30-day window to buy SNY once he closes the Mets deal.

“No preconditions exist,” a source said.

Read more here

It makes no sense for the Wilpons to keep their shares because even thought they are "making" money on it, they also owe a ton of money.  

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