Of course, the owners of the Mets, who have spent the last four months trying to line up 10 or so minority partners, have some long-term upsides to sell: the $20 million would buy 4 percent of a New York City sports franchise that, history instructs, is likely to rise in value over time.
- Richard Sandomir, “$20 Million Can Buy Quality Time with Mr. Met”
New York Times
So if a 4% ownership interest in the team is worth $20 million . . . *Furiously Does Math* . . . that puts the current value of the New York Mets at $500 million dollars. (Math may be wrong here. I have no idea if 100% ownership interest equals 100% value of the team. Why do we write about money and law in convoluted terms?) The Houston Astros — who play in Houston and are the Astros — were just sold for $680 million dollars, although the Astros’ sale included “related entities,” where this valuation of the Mets does not include their “related entities,” such as SNY. But $500 million dollars is far less than people and magazines have been estimating for some time.
I also recommend checking out the Times’ copy of the term sheet for becoming a partial owner of the Mets. I’m generally not interested in the finances of baseball, but I am interested in unintentional comedy, and this definitely falls into the latter. The term sheet reads like a brochure for an incredibly expensive and totally lame fan club. I thought the Times article was a parody at first glance — “Owners workout day” — but these are the actual perks of forking over $20 million dollars to a baseball team. Partial owners not only get sweet business cards that say “owner,” they also get Paul DePodesta’s cell phone number and “discounts on all MLB-licensed merchandise.”