The Green Bay Packers just took in $62 million by selling shares of the team to the public. The team is a publicly-owned corporation, so issuing new stock is a common practice for such companies. I’m wondering if the Mets, desperate for cash, should go this route as well.
I’ll start off by saying I have no idea if the Mets can even do this, either by law or MLB rules. But for this exercise, let’s just say that they can.
The Mets are currently seeking upwards of 10 investors investors to pay $20 million each for a share of the team. The Mets are valued at around $800 million, so each $20 million share would get someone 2.5% of the team. I think the Mets should set aside 5% for the public.
The team could issue shares for $200 each, selling 200,000 shares for a total of $40 million. Just like the Packers shares, they are virtually worthless — they cannot be sold, they will not accrue in value and owners have no say in the operation of the team. But it is a way for the public to have a vested interest in the team.
Unlike the Packers, the Mets could perhaps offer their shareholders something. Maybe one free pair of tickets each season or something like that, so ownership would have its benefits.
I don’t think the Mets would have any problem selling these shares. Even though they are worthless, it would be pretty cool to say, “I’m a part owner of the Mets,” with a handsome stock certificate hanging on the wall to prove it. I know I would definitely buy a share.
The only problem I could see is that the money would help bail out the Wilpons, and most fans don’t want to bail them out — they want them to sell the team.
What do you think — would you buy a $200 share of the Mets?