federal free annual credit report transunion every months free annual credit report how can i get my credit report in canada remove foreclosure credit report 2010 federal reserve free credit report once clear my credit report uk unfreeze credit report transunion best credit report service reviews check credit report tenant free how to dispute my credit report what are some of your rights under the fcra (fair credit reporting act) renting poor credit report fair credit reporting act and criminal background checks can you get a credit report free how to report a bad tenant to the credit bureau free transunion credit report online what does bankruptcy dismissed mean on a credit report there free credit report without credit card information does company credit card show up my credit report am i entitled to a free annual credit report how do i request credit reports business account personal credit report how collection agencies report to credit bureaus experian credit report via post request credit report by phone credit report after bankruptcy all three credit scores reports free get free credit report score online experian free credit report and score what is a public record on my credit report how long does an eviction stay on your credit report free online credit report no credit card needed membership annual credit report request service atlanta ga will equifax 3 in 1 credit report coupon code how to get my credit report without a credit card free credit report view online fico score credit report how to get my free credit report from experian how to clean up my credit report after bankruptcy credit scores and credit reports evan hendricks clark howard get free credit report remove collections credit report free the first report on public credit by alexander hamilton summary iphone number all 3 credit reports does wells fargo secured credit card report to credit bureaus credit report charge off removal bank of america credit reporting dispute form death credit reporting agency get free credit report free once year reliable free credit report site put fraud alert on credit report tax credit reporting service free credit bureau report transunion letter to dispute credit report credit report and fico score how to get my free annual credit report free credit report.com contact phone personal credit report free free credit report commercial song mp3 free annually credit report experian credit report.com single credit report transunion credit report dispute mailing addresses bad credit report sample ecoa credit report fee dispute credit report errors transunion dun and bradstreet credit reports free removing paid items credit report possible get free credit report canada equifax how do i order a credit report on a tenant credit report remove hard inquiries equifax canada free credit report phone number 3 bureau credit report scores free credit reports online instantly my credit report mailed me correcting credit report get totally free credit report credit reporting bureau does chase use view saved experian credit report how to clear credit report from collections free report commercial club credit check reporting a bad tenant to credit bureau cost international credit report does mean your credit report says account charged off how to obtain a credit report in canada annual credit report re login rf kd credit report free annual credit report from all 3 bureaus all three credit bureau reports free removing charge offs from my credit report free equifax canada credit report which credit report is best to check free all three credit reports credit report agencies mailing addresses want my yearly free credit report get free credit report online credit bureau report free incorrect employer credit report federal summary of your rights under the fair credit reporting act my free annual credit reports expedia credit report login# where does one go to get your free annual credit report get your credit report for free online annual free credit report and score red24 hsbc advance credit report fair credit reporting act form authorization instructions checking your credit report lowers score get my free credit report online law credit report d&b company credit reports free safe credit report online credit report services checking credit report flowers score dispute issues your credit report colorado credit report law soon do credit cards report late payments correct information your credit report experian unlock credit report how to check my business credit report free annual credit report government govenor fact credit report free kroll factual data credit reports help understanding my credit report free credit report no sign up how to improve your credit report free credit report app fair credit reporting act nz 3 in 1 credit report with fico score how to have negative items removed from credit report copy your credit report free may request where do i get a free credit report every year free credit report 360 review credit report transferred closed free annual credit report 1 new zealand credit reporting privacy code 2004 remove public record credit report free credit report without putting credit card information experian equifax credit report business canada hamp credit reporting guidelines how often to credit reports get updated one free credit report per year equifax how can i get my credit report for free federal government approved credit report instant ?2 credit report online best free credit report clark howard credit report & score government free once a year credit report free all report credit score how to get a free credit report uk credit reporting agencies free annual report fair credit reporting act cra fair credit reporting act record retention three credit reports different get free annual credit report canada how long before my credit report is updated free credit report providers free credit report 3 in 1 my credit report free south africa mni credit report customer service number credit report does credit karma use what are the three credit reports free credit report with 6 scores what credit reporting agency is used the most free credit score report federal law requires free credit report where can i go to check my credit report for free what is the website for free credit report view my free annual credit report experian request a credit report free how do i report tenant to credit agency best place to get 3 credit reports medicare credit balance report mailing address tru consumer credit report credit score reporting free experian is it true after 7 years credit report is clear online cibil credit reporting 3 credit reporting companies summary your rights under fair credit reporting act 2011 2009 a summary of your rights under the fair credit reporting act annual credit report wikipedia how to gain 100 points on credit report how do you get one free credit report a year how dog i freeze my credit report equifax credit card reports credit bureau can you get free credit report without credit card obtain credit reports clients equifax 3 1 credit report coupon equifax free report canada online credit score fair credit reporting act free credit report get federal trade commission free credit report spoof rels reporting my credit report what happened to free credit report dot com free federal credit report website national agency free credit report experian credit report contact us quick credit report repair how often do credit card companies update credit report fair accurate credit reporting act section 114 all credit reports free authorized bank credit report sample entitled to free credit report secured credit card credit reporting new credit reporting laws 2012 federal government credit report website absolutely civil claim judgement on credit report three in one report transunion credit scores free credit report no trial fees cbc credit bureau reports removing credit report items quizzles credit annualcreditreport report online mortgage not reporting credit report after bankruptcy credit report credit score all 3 equifax credit report phone number cheap credit report monitoring free veda advantage credit report guide to reading a credit report free credit report cancellation fee credit information report cibil free credit report cell phone song tabs free credit report usaa get 30 days late off credit report templates for dispute letter on credit report alaska usa federal credit union annual report remove incorrect info credit report main credit reporting agencies australia how do i fix my credit report how do i obtain free annual credit report derogatory credit report free credit report guys back does kd nd mean credit report how doo i remove a freeze on my credit report credit report security clearance free annual official credit report personal credit reports australia free credit report maine write letter dispute your credit report get 3 bureau credit reports sallie mae credit reporting rules how do i clean up my credit report myself credit cards reports all 3 bureaus tax lien credit report nj free annual credit report does not include your credit score does my credit report show my employment history equifax canada order credit report how to clean up your credit report yourself credit suisse ag annual report 2008 19) what is the timeframe for removing negative credit information with the exception of bankruptcies from a credit report define free credit report i want my free annual credit report i need to check my credit report for free how do u get your free credit report once a year best credit reporting company dispute addresses for credit reporting agencies consumer affairs free credit report annual credit report scores best place to get a credit report online my credit report 3 agencies free credit report uk no sign up three free credit reports annually rels credit credit report get safe secure credit report consumer reports credit reporting agencies how do i get a free credit report from equifax request annual credit report free credit report band search winner fixing errors your credit report how long do credit accounts stay on credit report reporting stolen credit card bank america where to get free credit report without credit card what is the best site to get your free credit report i have no credit report i want to look at my credit report for free all the free credit report songs how to obtain my free credit report disputing experian credit report mail how to remove charge offs from credit report for free how to place an alert on your credit report where can i get my credit report free credit reports from all three bureaus experian free credit report usa online how to report lost credit card capital one free credit report after denied payday loan best way to obtain a credit report free credit report usa gov credit score from credit report department store credit cards report credit agencies freeze my credit report california how to delete inquiries off credit report bank america credit reporting department usa credit report agencies equifax credit watch report dispute credit report information at experian.com does youtube checking account show up on my credit report how do i freeze my report free credit id theft long does bad credit stay your report consumerist best credit report credit report and score cheap how to request free annual credit report visit annualcreditreport long will charge off my credit report 4) what information is not included on your credit report free credit score and report without debit card how to get business credit report for free provider international us business credit information credit reports what is the difference between the 3 credit reports meaning of charge off on credit report should you lock your credit report do banks run a credit report to open a checking account online how long is a hard inquiry on my credit report how to obtain credit report from equifax letter explanation inquiries my credit report view 3 credit reports and scores all three how to dispute inaccuracies on credit report federal government credit report website act 3 major bureaus collect information create credit reports free transunion credit report denial credit free background check and credit report how do you get a credit report for someone else free credit reports for small business annual credit report vs credit score what is credit bureau report 7 steps to fixing your credit report business credit card personal credit report how often do you check your credit report requesting free credit report transunion credit report job history long will chapter 13 my credit report free credit report reporting agencies equifax report bad debt to credit bureau order credit report over phone free copy of your credit report put security freeze my credit report where is the best place to get my credit reports my free credit report after being denied credit does experian freeware denied credit report government website free credit report how often do credit card companies update credit reports credit reporting agencies act ontario get credit report ontario free credit report no fico score consumer credit report assistance experian how many credit reporting agencies are in canada 80 free credit report no credit card needed what credit report does td bank use incorrect info credit report free annual credit report united states dispute your credit report canada instant credit report online how to contest information on your credit report read credit report equifax letter to remove from credit report how to check your credit report for free online get copy credit report ontario free yearly report 2012 credit scores fraud credit report can i pull a credit report on someone removing hard inquiries from your credit report pull anual credit report free how to remove chapter 7 bankruptcy from credit report after 7 years equifax business credit report canada credit report sample dispute letter free credit report score wrong annual credit report request service define credit reporting agency equifax 3-bureau credit report and scores promotion code do creditors see credit report where to get free credit report every year how to remove a collection account from your credit report bally total fitness credit report free credit report and score without using a credit card checking free credit report no fees credit card get your credit report freeware without credit card address for the 11 credit reporting agencies google free credit report secured credit card reports unsecured get incorrect info off your credit report annual credit report customer service number clean credit report up can you get your credit report freeware often credit report updates free credit report with no credit card required what does key derogatory mean on my credit report get transunion capital report denied credit cheap credit report score online dispute credit report errors uk how long does my bankruptcy remain on my credit report bankruptcy on credit report for 7 years run a credit report on a business request credit report from bank of america reporting late rent payments to a credit bureau experian credit report reviews how to get something removed from my credit report what is the real site to get a free credit report one a year free credit report free credit report with equifax collection agency credit report inquiry report errors your credit report address for the 3 credit reporting agencies annual free credit report us government free annual credit history report credit report one time order sealed credit report credit card settlement effect on credit report new free credit report site credit suisse annual report 2006 annual credit report request service phone statutory credit report from experian what is the name of the new free credit report band how do i dispute a debt on my transunion credit report remove kd credit report how to remove items from your credit report bucks how to dispute credit report errors request my free credit report equifax request credit report underneath fair credit reporting act run credit report rental tenant free credit report band wikipedia anual credit report.com review having good credit report important credit reporting laws canada too many inquiries on your credit report how long does it take for your credit report to update get my credit report how doo i freeze my report free credit how can i get myspace annual credit report free absolutely free credit report without credit cards needed card credit report how do i get free credit report online been denied credit free report after personal reports canada free credit report to credit agency can collection companies pull your credit report view my credit report and score how to get rid of charge offs on credit report i was denied credit how do i get a copy of my credit report debt collector not credit report start new credit report free credit report check without credit card get reports all credit bureaus get your 3 credit report score how do i get a credit report on someone view free credit report experian can you get free credit report bank what are credit inquiries on a credit report small business pulling credit reports tool get current credit report trw consumer credit report how to remove negative marks on credit report experian international credit reports my free credit report no credit card how much does a second credit report cost 11 credit bureau report free annual credit report federal law credit reporting bill jamaica report does credit karma pull credit report inquiries credit score how long do derogatory items stay on your credit report free credit score report equifax get free credit report without using credit card freeze your credit report transunion credit report guide how can i get my credit report for free online equifax get negative info off credit report how to report debt to credit agencies free credit report best place can you get free credit report once year how do i get a credit report on a potential renter get free detailed credit report how to dispute credit report from experian forecast fair credit reporting act how do i get a freeze off my credit report chart how to get a real free credit report online copy how long does negative information remain on your credit report better credit reports consulting llc transunion credit report dispute address how to dispute a tax lien on your credit report get my credit report free online free report transunion settlement credit scores government site offers free credit report get collections removed credit report where can i get an instant free credit report where can i get a free credit score report credit report reporting act free credit score report with credit card 3 credit reports and scores monthly credit agricole annual report 2005 quick credit reports online can;t access free credit report annual credit report outside us how to cancel free credit report.com membership best way to get a free credit report free federal government credit reports 1. what is a credit report and why is it important get all 3 credit reports free fico get transunion credit report how long state tax lien on credit report credit report sites legitimate mailing addresses credit reporting agencies does yahoo checking account show up on my credit report get free copy your report canada annual credit long does public record stay your credit report get free transunion credit report online
Home Pete Toms LWIB: Diving Deep into the Partial Sale of the Mets, Tidbits with Interested Dodgers Buyers

Like Shoot to Thrill - An AC/DC Tribute on Facebook!

An authentic tribute of AC/DC that covers the best of the Bon Scott era and the best of Brian Johnson's material

Who's Online?

We have 655 guests online

Atom RSS

LWIB: Diving Deep into the Partial Sale of the Mets, Tidbits with Interested Dodgers Buyers PDF Print E-mail
User Rating: / 3
PoorBest 
Pete Toms Article Archive
Written by Pete Toms   
Tuesday, 01 February 2011 08:34

Last Week in Bizball by Pete Toms

This week in “Last Week in BizBall”, the Mets search for minority investors, plus many tidbits including prospective new Dodgers’ owners.

THE METS SEARCH FOR MINORITY INVESTORS

You already know that THE business of baseball story last week was the announcement made by Mets owners Fred and Jeff Wilpon that they have retained Steve Greenberg of Allen & Co. to assist in their search for strategic partners. In other words, the Wilpons want to sell a minority stake in the Mets. The announcement also made an indirect, but unmistakable, link to the search for minority partners with the lawsuit brought against the Wilpons (more accurately, Sterling Equities) in December by Irving Picard. Mr. Picard is the court-appointed trustee representing the victims of Bernard Madoff’s infamous Ponzi scheme. According to press reports, Mr. Picard has so far recovered $10 billion from former Madoff clients who profited from his Ponzi scheme. Mr. Picard is reportedly seeking to recover at least hundreds of millions dollars from the Wilpons and perhaps as much as $1 billion. Again reportedly, Mr. Picard’s lawsuit alleges that the Wilpons either knew, or should have known, that they were profiting illegally. The NY Times reported last week that, two years ago, Wilpon and Saul Katz (President of Sterling Equities) were forced to repay close to $13 million after a different Ponzi scheme collapsed. If last week’s reports are correct, the Wilpons have been searching for investors over the last year (which predates the filing of Mr. Picard’s lawsuit). The Wilpon’s public announcement that they are seeking investors likely indicates that their need for cash has become more urgent. Last August I brought attention to reports that the Mets controlled RSN SportsNet New York had borrowed $450 million, more than half which would be used to pay dividends to the channel’s investors, including the Wilpons. That same report included the news that the Mets holding company had refinanced $375 million of debt. At the time, the SportsBusiness Journal reported that as a result of MLB playing hardball with the lenders in the Texas Rangers bankruptcy, combined with uncertainty over the end result of the Wilpon’s investments with Madoff, Fred Wilpon and Saul Katz were required to “… put up more personal collateral than they wanted.” to secure the loan. Jeff Wilpon told reporters last week that raising cash via loans from banks or insurers was also an option but given the uncertainty surrounding the Picard lawsuit, the considerable debt already associated with the club and stricter loan convenants for sports lending, that may well be only posturing. Fred Wilpon will reportedly meet with Commissioner Selig this week. Might MLB loan the Mets cash as they did the last year with the Rangers? Might MLB’s debt-service rule that forbids club debt exceeding more than ten times EBITDA prevent additional borrowing? All in all, it was an ignominious week for the Mets franchise. According to the WSJ, “…experts say, Friday's announcement could mark the beginning of the end of the Wilpon family's controlling interest in the team.

SELECT READ MORE TO SEE FURTHER DETAILS ON THE MINORITY SALE OF THE METS, PLUS THIS WEEK'S TIDBITS, WHICH INCLUDES AN UPDATE ON A POTENTIAL SALE OF THE DODGERS

Going forward, will the Mets have difficulty concluding agreements with potential minority investors? At first glance, one would think no. After all, according to the 2010 Forbes valuations the Mets are the 3rd most valuable MLB franchise, worth only slightly less than the Red Sox. And NYC is baseball’s mecca, home to a disproportionate number of the very wealthy typically attracted to such “vanity buys”. Ken Belson wrote, “Given the concentration of wealthy individuals and companies in New York, and the scarcity of professional teams for sale in the country’s largest city, the Mets should find no shortage of potential suitors.” Belson quoted Marc Ganis, president of SportsCorp, “There are plenty of people who want to be aligned with a glamour team like the Mets and New York,” But Mr. Belson also astutely observed that, “A sale, though, depends on what the Mets are willing to sell and under what conditions.” And that is the challenge the Mets face. In recent years, franchise owners have struggled to attract minority investors. In May 09, Lyman G. Bullard, Jr., who practices sports law in New England, wrote in an opinion piece How franchise sales will fare in challenging credit climate, “The challenge will be getting minority partners to sign on. Typically, minority partners have put up substantial capital for very little in return other than good seats and bragging rights.” In June 09 I brought attention to reports that Cubs owner Tom Ricketts was struggling to raise $150 million for his acquisition of the club via a combination of “perk notes” and “non-voting shares” in the ball club. The aforementioned WSJ report noted that:

The move the Mets are trying to pull off has become difficult in recent years in the sports business. The market for sports franchises essentially dried up in 2008, and while values have rebounded the past 18 months, the limited-partnership market has been more challenged, said Rob Tillis, principal at sports-investment advisory firm InnerCircle Sports.

AND

In the past two years, Texas leveraged-buyout king Tom Hicks tried to bring in limited partners to finance his ownership of the Texas Rangers baseball team, the English soccer club Liverpool and the Dallas Stars hockey team.

But when no buyers appeared who were willing to hand their money over to Mr. Hicks and cede all control to him, Mr. Hicks, who needed to raise money to meet his debt obligations, was forced to sell all three entities, though the Stars remain on the market.

The New York Times Co. has been trying to sell its 17.75% stake in New England Sports Ventures, owners of the Boston Red Sox, for more than a year, but so far has sold just 6.6% of its investment.

The Wilpons were adamant in the press last week that they were only interested in selling a 20-25% stake in the Mets. Ken Belson reported that that might prove problematic, “Andrew Murstein, president of Medallion Financial Corp., which has invested in sports teams, said that a 25 percent stake in the team without any control would be less attractive to potential buyers. “People who buy teams want to put their imprints on them, and without control, you can’t do that,” Murstein said.” The Wilpons also insisted that any sale would NOT include an interest in the club controlled RSN SportsNet New York. Only two days after the Wilpons announcement that they were soliciting offers for a minority stake in the club, a group led by Martin Luther King III made public their interest in investing in the Mets. But, there was a big but. King’s group is, at least for now, seeking “at least a 50 percent” stake in the franchise. The aforementioned Rob Tillis told the WSJ, “This is going to be all about the size of the check, valuation and control," "Also, does the limited partner get a piece of SNY?" From Tom Van Riper’s blog at Forbes, “If it’s a just a suite and capital calls, there won’t be much interest,” says industry consultant Marc Ganis of Sports Corp. Limited, who thinks any serious offer would likely have to include capital call protections and an interest in the Mets’ SNY cable network. “The market is good, but the investors are very picky,” he says.

Naturally there was speculation that the Mets minority partners in SportsNet New York, Time Warner Cable and Comcast, could invest in the franchise. There was also speculation that Cablevision could step forward. Comcast is partners with at least several MLB franchises in RSNs (most recently with the Astros in the yet to launch CSN Houston). Investing in the Mets would mark a strategic change for TWC and Cablevision. TWC “sold” the Atlanta Braves to Liberty Media in 07. Last year Cablevision spun off a new company which includes 3 pro sports franchises and two RSNs.

The New York Mets remain one of MLB’s most valuable franchises. They are one of two franchises in the best baseball market in the world. They play in a ballpark only two seasons old. They own a majority stake in a lucrative RSN. They signed the last of the pre Lehman Brothers stadium naming rights deals. (20 years / $400 million with Citigroup) The Wilpons challenge in attracting investors to the Mets is not proving that it is a viable and valuable asset. The Wilpons challenge is limiting the control they relinquish over the Mets. And as LWIB ended, whether the Wilpons eventually retain any control over the Mets appeared far from certain.

TIDBITS

  • Sooner or later the Los Angeles Dodgers will be for sale and I think you all understand why (and are probably sick of it). LWIB, Andy Fixmer reported for Bloomberg that billionaire Alec Gores “…is preparing a bid for the Los Angeles Dodgers…” According to the report, fellow billionaire and brother Tom Gores might be part of the same group bidding for the franchise. The report also claims that others interested in buying the franchise are Alan Casden (another billionaire), Mark Cuban (also a billionaire) and a group fronted by Steve Garvey (probably not a billionaire).
  • Don Walker blogged about the Brewers’ new scoreboard. More specifically, Don wrote about how the state-of-the-art picture quality of the TV replays coming to Miller Field this season will not include replays of close calls. Evidently the Brewers think it is time for MLB to allow fans at the ballpark to view replays of close (even blown) calls. I agree with the Brewers.

Rick Schlesinger, the Brewers' executive vice president of business operations, told Marquette University law students on Thursday that he would like MLB to change.

AND

With a new scoreboard, Schlesinger said he wants to see if the Brewers can "push the envelope" a little this upcoming season so that fans can get a glimpse of close calls.

"If we get a warning letter from MLB for being too aggressive on replays, well, OK," Schlesinger said.

  • According to a Harris Interactive poll, 17% of Americans who follow at least one sport identified baseball as their favourite sport. By comparison, 31% cited pro football, 12% college football, 6% pro basketball and 4% college basketball. Harris has been conducting this poll annually since 85 and in recent years baseball’s numbers are virtually unchanged. They are down 6% from 85.
  • According to TicketNews.com, the Atlanta Braves have launched a season-ticket exchange. "This innovative and easy-to-use online tool will give fans who are interested in purchasing season tickets the opportunity to find partners to share the cost and will help our current season ticket holders organize and distribute their tickets," Derek Schiller, executive vice president of sales and marketing for the Braves, said in a statement. "We feel strongly that this is a simple way for fans to find others who share the same passion for Braves baseball and become an Atlanta Braves season ticket holder."
  • It’s official, Triple A has returned to Tucson. Ballpark Digest reported on the unveiling of the logo of the Tucson Padres.
  • Do you care who the commentators will be this season on ESPN Monday Night and Wednesday Night Baseball? If you do, Fang’s Bites has the press release here.
  • Yankees’ owned RSN YES was the most watched RSN in the US for 2010. That marks the 8th consecutive year that YES has been able to make that claim. At least that’s what YES says. Fang’s Bites has the press release here.
  • About 30 years ago a fellow Canadian in British Columbia quit his job and launched Baseball America from his garage. Because of that, Allan Simpson will be inducted into the Canadian Baseball Hall of Fame later this year. Read Allan’s story here.


Pete Toms is senior writer for the Business of Sports Network, most notably, The Biz of Baseball. He looks forward to your comments and can be contacted through The Biz of Baseball.

Follow The Biz of Baseball on Twitter Twitter

FacebookFollow the Business of Sports Network on Facebook

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?