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Monday, June 22, 2020

Billionaire Mike Repole joins A-Rod and J-Lo’s bid for the Mets

Darren Rovell reports that billionaire Mike Repole has joined the Alex Rodriguez and Jennifer Lopez’s bidding group in hopes of buying the Mets.

A-Rod and J-Lo have been rumored to be interested in the Mets for months, but they don’t have the sort of scratch to do it without the sort of billionaire types who populate modern baseball ownership groups. Repole has additional Mets ties in that he has been involved in Vitaminwater, which featured David Wright as an early investor and spokesman.  Repole is also a thoroughbred owner, a Queens native and a huge Mets fan. He’s been mentioned for years as a possible Mets bidder one day, albeit usually on a merely speculative basis.

RoyalsRetro (AG#1F) Posted: June 22, 2020 at 12:49 PM | 29 comment(s) Login to Bookmark
  Tags: mets

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   1. Don August(us) Cesar Geronimo Berroa Posted: June 22, 2020 at 03:34 PM (#5958764)
An ownership team with a lot of horse sense.
   2. What did Billy Ripken have against ElRoy Face? Posted: June 22, 2020 at 03:40 PM (#5958769)
It’s just...too...perfect.
   3. RoyalsRetro (AG#1F) Posted: June 22, 2020 at 05:30 PM (#5958809)
@MikeFrancesa
Mike Repole will be completely in charge or he won't be involved in any Mets deal.


Isn't that a dealbreaker for the Wilpons?
   4. Walt Davis Posted: June 22, 2020 at 05:34 PM (#5958814)
Isn't that headline a bit like "Barry Bonds joins Darren Lewis and Willie McGee in Giants' outfield?" Never hurts to add a billionaire to your loan request.
   5. asinwreck Posted: June 22, 2020 at 09:01 PM (#5958864)
Repole has ties to Vitamin Water? Does that mean he can bring Fifty Cent into the ownership group?
   6. Jeff Frances the Mute Posted: June 22, 2020 at 10:41 PM (#5958885)
Heyman reports that Repole would put $250M into the deal so his stake would likely be less than 20%. That is kind of light for a control person. Of course, the bigger problem is that this group still needs to find $1B+ in cash to be able finance a $2.5B+ deal within MLB’s debt rules.
   7. What did Billy Ripken have against ElRoy Face? Posted: June 22, 2020 at 11:01 PM (#5958886)
J-Lo looks terrible in that picture. Must be the natural lighting.
   8. RoyalsRetro (AG#1F) Posted: June 22, 2020 at 11:16 PM (#5958888)

Heyman reports that Repole would put $250M into the deal so his stake would likely be less than 20%.


How much is ARod putting in?
   9. Walt Davis Posted: June 22, 2020 at 11:47 PM (#5958893)
How much is ARod putting in?

It's Affirmed that he's willing to Spend a Buck in his Spectacular Bid for the Foolish Pleasure of owning the Mets even though it is a Genuine Risk.
   10. The Yankee Clapper Posted: June 23, 2020 at 12:16 AM (#5958898)
Vincent Viola joins the J-Rod stable:
It seemed initially that there was another deep-pocketed participant in the A-Rod-J.Lo group. Per Charles Gasparino of FOX Business (Twitter link), Florida Panthers owner Vincent Viola had joined the fray along with previously rumored Mike Repole.

It turns out that is indeed the case, but that Viola’s public emergence doesn’t really add to the pot. As Tim Healey and Jim Baumbach of Newsday report, Viola is actually working with Repole. The pair are said to be willing to invest to the $250MM level.
Might be enough to buy at the current fire sale price.
   11. depletion Posted: June 23, 2020 at 12:49 AM (#5958902)
"this group still needs to find $1B+ in cash"
Man, I can relate to that. Also, putting in $250M for a baseball team sounds so 1990's. As Jeff Frances points out, they have a lot of work to do.
   12. Jeff Frances the Mute Posted: June 23, 2020 at 02:04 AM (#5958906)
Man, I can relate to that.
We are all $1B away from being part of a successful MLB ownership group.
   13. Walt Davis Posted: June 23, 2020 at 02:29 AM (#5958908)
We are all $1B away from being part of a successful MLB ownership group.

Crowd-source it. For the price of a cup of coffee per week, you too can be an MLB owner.

EDIT: I know MLB would never approve such a fiasco but there must be a million people in metro NY who'd gladly put in $1,000 each. That's like one Yankees game right?
   14. Jeff Frances the Mute Posted: June 23, 2020 at 02:45 AM (#5958910)
Crowd-source it. For the price of a cup of coffee per week, you too can be an MLB owner.

EDIT: I know MLB would never approve such a fiasco but there must be a million people in metro NY who'd gladly put in $1,000 each. That's like one Yankees game right
This is basically the Green Bay Packers, no? But, of course, you are right that MLB would never accept this today.
   15. JJ1986 Posted: June 23, 2020 at 12:59 PM (#5958963)
Repole is reportedly friends with the Barstool guy so I have a hard time believing that he isn't a piece of ####.
   16. The Yankee Clapper Posted: June 23, 2020 at 01:27 PM (#5958974)
Not just a sandwich - Reuben Brothers Emerge As 3rd Mets Bidder:
Scott Soshnick of Variety reports that brothers David and Simon Reuben, whose combined estimated worth is a whopping $14 billion, are now “exploring” a bid. Real estate opportunities in the area surrounding Citi Field are likely a driving factor in the interest, per the report.

The Reuben brothers, both in their mid- to late-70s, have built their empire through a series of real estate endeavors, investments in tech companies and in retail over in the United Kingdom. David Hellier and Natalie Wong of Bloomberg reported less than two months ago that the Reubens purchased a retail condo near Manhattan’s Rockefeller Center as they looked to expand their enterprise to New York, and a bid for the Mets would seemingly align with that interest. They’ve also expanded their residential real estate efforts into Madrid (via Bloomberg) and expressed interest in purchasing a stake in an English Premier League club.
Elderly owners more interested in the neighboring real estate than the team? What could go wrong?
   17. Sunday silence Posted: June 23, 2020 at 03:11 PM (#5959003)
They strike me more as a modern day Lucy and Desi. When Lucy comes up with the idea of starring in a TV show to keep Desi from straying in the marriage.
   18. I Knew A Guy Who Knew A Guy Who Knew Rey Ordonez Posted: June 23, 2020 at 03:35 PM (#5959009)
This is basically the Green Bay Packers, no? But, of course, you are right that MLB would never accept this today.


I already own a share of the Packers I paid $250 for. I'd pay a lot more for the Mets if it meant getting the Wilpons out of the front office.
   19. Adam Starblind Posted: June 23, 2020 at 03:43 PM (#5959013)
Elderly owners more interested in the neighboring real estate than the team? What could go wrong?


There's a big difference though--the Reubens are wealthy.
   20. Zonk WARRIORS ALONE! Posted: June 23, 2020 at 03:50 PM (#5959015)
FWIW -

I own a whole star... It was a gift to me, but apparently, I own it. I haven't really done much with it, but I'm thinking attracting a relocated baseball team is just the thing to put it on the map.

Unclear if it has any planets - habitable or otherwise - but I figure I can always just tax it to build one for the team if necessary...
   21. Adam Starblind Posted: June 23, 2020 at 04:32 PM (#5959035)
I would also squeeze the alien inhabitants for a transparent dome.
   22. Walt Davis Posted: June 24, 2020 at 12:03 AM (#5959153)
Bloomberg reported less than two months ago that the Reubens purchased a retail condo near Manhattan’s Rockefeller Center as they looked to expand their enterprise to New York, and a bid for the Mets would seemingly align with that interest.

I'm sure "retail condos" near the Rock are quite pricey but not nearly as much as a MLB team so isn't this like saying "Bob Jr just got his driver's license and buying a new Mercedes would seemingly align with that interest?"

Unclear if it has any planets

$200+ M in common and shared revenue every year regardless.
   23. The Yankee Clapper Posted: June 24, 2020 at 10:11 PM (#5959359)
Wilpons ‘Need To Sell’ By End Of 2020:
According to multiple sources familiar with Mets sale saga, the Wilpons will begin to field first-round bids on the team in July with an eye toward locking in a buyer by Oct. 1. But insiders say those bidders are now also aware the Wilpons must find a buyer in the coming weeks in order to close a deal by the end of 2020.

“They need to sell the team before the end of the year,” one source told The Post.
. . .
The Wilpons’ debt on Citi Field and operating costs have made the franchise a cash loser for years, losing $90 million in a normal season, but with the COVID-19 pandemic wiping out almost two-thirds of the baseball season, some estimates predict the Wilpons could lose more than $200 million on the 2020 season.
Not much time to get the BBTF bid in.
   24. Howie Menckel Posted: June 24, 2020 at 11:00 PM (#5959366)
I once had a boss who was universally despised.

when he finally retired and we had an interregnum, a pal from another company asked me if the replacement was in place yet.

"No," I said, "but who cares? It can't get any worse."

"It always gets worse," he replied darkly.

I thought he was crazy - until they brought in a new guy.

and it got worse.

but cheer up. a couple of years and a regime change later (which I found out later I unknowingly played a role in), it got better.

sure, that only lasted a decade - and then armageddon ensued.

but most fans would make that trade at this point, I think - a few more years of despair, and then a decade of peace.

and then worry about beyond that, and a possible need for self-immolation, when the time comes.
   25. RoyalsRetro (AG#1F) Posted: June 25, 2020 at 12:05 AM (#5959376)

The Wilpons’ debt on Citi Field and operating costs have made the franchise a cash loser for years, losing $90 million in a normal season, but with the COVID-19 pandemic wiping out almost two-thirds of the baseball season, some estimates predict the Wilpons could lose more than $200 million on the 2020 season.


Is this a ponzi scheme?
   26. Rally Posted: June 25, 2020 at 10:31 AM (#5959415)
The Wilpons’ debt on Citi Field and operating costs have made the franchise a cash loser for years, losing $90 million in a normal season, but with the COVID-19 pandemic wiping out almost two-thirds of the baseball season, some estimates predict the Wilpons could lose more than $200 million on the 2020 season.


The Mets are running a 180 million payroll so for this season they'll have about 70 million in player costs. So even if they players played for free they'd be out 130 million?
They'll have some revenue, I guess 100-150 million, from their share of TV contracts. Makes me wonder how much debt and what interest rate we're talking about here.

Either all their creditors got the Bobby Bonilla interest rate plan, or the total amount of debt has to be staggering, well above what the franchise is worth. They should just turn the keys to the stadium over to their creditors and walk away.

More likely the "operating expenses" include multimillion dollar salaries for all their relatives and lots of depreciation - the ultimate scam the wealthy have pulled off on everybody else, getting tax incentive to pretend an appreciating asset is losing value like a car.
   27. Hysterical & Useless Posted: June 27, 2020 at 01:01 PM (#5959833)
Don't the Wilpons own the channel the Mets' games are broadcast on? Or did they sell that?

   28. The Yankee Clapper Posted: June 27, 2020 at 01:11 PM (#5959838)
Don't the Wilpons own the channel the Mets' games are broadcast on? Or did they sell that?
The Wilpons were reportedly going to hold onto the SNY cable channel in the deal with Steve Cohen that fell through. Not sure why anyone would agree to that, especially now - could lead to a lot of disputes down the road.
   29. The Yankee Clapper Posted: June 30, 2020 at 01:41 PM (#5960382)
MLB has pre-approved 7 bidders, including the J-Rod group, as well as the other two mentioned in recent threads. The BBTF Syndicate must be one of the sub rosa bidders.

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