The New York Mets will sell 10 minority shares of the team by the end of February, according to Newsday.
The minority stakes, priced at $20 million each, are designed to help the club raise $200 million to pay previously established loans as well as operating expenses moving forward. Newsday reports that the initial revenue from those sales will go toward repaying a $40 million loan from Bank of America and a $20 million loan from Major League Baseball.
The team’s financial woes stem mostly from a lawsuit against owner Fred Wilpon from the trustee in the Bernie Madoff ponzi scheme. The trustee has filed a motion asking the Wilpons to repay $83 million in “fictitious profits” that the trustee believes they made from the scheme according to Newsday. The trustee is also seeking another $303 million from the Wilpons for “willful blindness.” Last spring the Mets had attempted to sell a $200 million stake in the team, but were unable to find an ownership group to purchase a single stake that large in the team.