The cash-strapped Mets are confident they will be able to sell several $20 million to $30 million stakes in the team by the end of the year, The Post has learned.
In a Sept. 8 conference call with lenders, Mets banker Steve Greenberg “sounded very confident” the struggling team would be able to raise the money through the deals by Dec. 31, according to a source on the call.
The lending group, owed $500 million, did not press Greenberg or the team for additional fund-raising.
“There is an expectation of progress before the end of the year,” the source said.
Perhaps the gentler tone was the result of team owners Fred Wilpon and Saul Katz pumping some much-needed cash into the Mets. Recently, the two kicked in an amount believed to be less than $50 million. The call was scheduled to discuss the team’s liquidity.
Months earlier, lead lender JPMorgan, in a tough letter, told Wilpon that the Mets had breached loan covenants — though it did not put the team in default.
Despite Greenberg’s sunny forecast, both a potential bidder and a source close to the situation said they believed the Mets would have a hard time finding buyers for the smaller investment stakes.
The potential Mets bidder believed there would be few bidders for the units since many of the Wall Street types who considered investing last November when the Mets first shopped smaller stakes had passed on the offer — and nothing has happened since then to make them more comfortable.
The Mets on Sept. 1 ended exclusive negotiations with hedge fund honcho David Einhorn, who was in talks to invest $200 million in the team. Wilpon and Katz are seeking more investors at lower investment amounts.
During the conference call, there was a brief discussion of Irving Picard’s $1 billion suit against the Mets owners. Greenberg said the potential exposure for alleged ficticious Madoff profits had been greatly reduced.
Therefore, Greenberg told creditors, according to the source, lenders should have more confidence that the owners can fund the team.
The Mets confirmed the conference call but refused to comment on content.