Fred Wilpon, the majority owner of the New York Mets, is reportedly poised to increase his stake in the MLB team, in a deal that values the franchise at roughly $1.5bn (€1.3bn).
According to the New York Post, Wilpon’s investment firm Sterling Equities has agreed to pay roughly $180m to buy back a 12-per-cent stake in the Mets from from cable firms Comcast and Charter Communications.
Sterling Equities sold a series of minority stakes in the team in 2012 to raise cash to offset major losses suffered from the Bernie Madoff Ponzi scheme over a decade ago. It has quietly bought many of them back in recent years.
Comcast and Charter have been trying to unload their stake since last summer, it was reported.
The proposed deal raises some questions into the valuation of the team and, specifically, Forbes’ calculations in this field. The business publication valued the Mets at $2.1bn last spring.