What they want isn’t worth what they are
Fobes’ valuation is $200M less than the New York Mets were going to be sold for just a few months ago. At this level of high finance, whoever buys the team has to be very proficient in the business world. People like Cohen didn’t make their fortunes by going all-in on bad deals.
No good business person is going to pay full price for an enterprise that for the foreseeable future has no money coming in and tens of millions going out. They probably should have sold the team to Cohen while they had the chance.
The Wilpon family for their part seemed determined to squeeze every last penny they can get from selling their team. Their ego is also involved. Fred and Jeff come across as two men that won’t be perceived (real or not) as suckers. They would rather sabotage a deal rather than have people think that they got played.
Remember, these guys made money in the Madoff Ponzi scheme. And they were the ones who lost a subsequent lawsuit and which forced them to pay back over $100M.
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Some reports have said the Wilpons want close to $3B. That’s probably a top dollar figure for negotiating purposes, but at this point, it’s unlikely they can get close to $2.4B now. Worse, that gap will continue to grow. How badly do Fred and Jeff want out? Contrary to what they say in public about their desire to sell, actions they have taken over the past decade show otherwise.
At this point and in these unsteady economic times, is the Wilpon family willing to swallow a little pride to get a deal done? It seems unlikely and that they would rather ride out the rough times to get their ultimate price. New York Mets fans are the ones who will have to swallow down something because they will be stuck with the Wilpons for the foreseeable future.
Do you think Forbes’ valuation hurts the prospects of a Mets sale to new powers? Let us know in the comments section below or on social media.