New York Mets May Sell Part Of SNY To Settle Madoff Claims

According to the Wall Street Journal, the New York Mets would consider selling a portion of its share in cable channel SNY if it is otherwise unable to sell a minority stake in the team. There have been reports that the Mets would have trouble selling a minority stake, up to as much as 25% of the team. The team first announced last Friday it would be selling as much as 25% of the club to a minority partner, and that SNY, which produces and covers New York regional sports would not be a part of the deal. The team is still confident it can sell the stake in the Mets, worth perhaps as much as $200 million, but has since softened their stance on the cable network. According a source close to the situation, the team would consider including a piece of SNY in the deal "if and when it became a necessity." The Mets are owned by Fred Wilpon, and his son Jeff Wilpon is the team's chief operating officer. Also named in the lawsuit is team president Saul Katz. The Mets own 65% of SNY, the rest is owned by Comcast CMSCA and Time Warner TWX. The network generates more than $150 million per year in subscriber fees alone. Karen Wagner, one of the Wilpon's lawyers, said there was no evidence that anyone at Sterling Equities knew about the Ponzi scheme that Bernie Madoff was running. "There was nothing about his brokerage operation that appeared anything other than normal," Ms. Wagner said. The Wilpons met with MLB Commissioner Bud Selig earlier in the week to discuss the litigation and potential sale.