One person in the New York Mets' ownership group who doesn't get talked about too much is Saul Katz. Katz, the brother in law of Mets' owner Fred Wilpon, is the team president and combines with Wilpon to own the majority of the Mets. The team has fallen on hard times financially after the Madoff scandal and drops in attendance, which is a part of Katz's job description since he manages the team's finances. Katz has apparently grown tired of the situation and is considering selling his stake in the team, Michael S. Schmidt of the New York Times reports.
Katz, who is business partners with Wilpon in Sterling Equities, is reportedly tired of having to prop up the team's finances by sinking millions of dollars into the club every year. Katz and Wilpon combine to own roughly two thirds of the team, and if Katz were to sell his share to someone other than Wilpon it would jeopardize Wilpon's majority ownership of the team. According to Schmidt's article, Katz is less invested in the baseball side of the business than Wilpon, who wants to pass the team down to his son Jeff after he retires. This has created a situation where Katz is reportedly hesitant to sell in order to protect Wilpon, and has sunk a ton of money into the team as a result.
Katz and the Mets released a statement on Monday afternoon denying that he was seeking to sell his interests in the Mets. Katz strongly denied any interest in selling his stake in the team, but this situation is worth monitoring. If Katz does eventually decide he is tired of bailing out the team's finances with his own money, Wilpon could lose majority ownership of the team. We will monitor the situation here at Mets 101.Tags: Baseball, Fred Wilpon, MLB, New York, New York Mets, Saul Katz