Martin Luther King’s son planning to buy a stake in New York Mets
January 31st, 2011 - 8:52 pm ICT by Aishwarya BhattNew York, Jan 31 (THAINDIAN NEWS) Martin Luther King’s son, Martin Luther King III, is reportedly interested in having a stake in the New York Mets.
The New York Post reported that King III is interested in buying a part of the Mets. The club’s owner Fred Wilpon put part of the club for sale. There have been interest shown from several quarters and the addition of King III is the latest.
Wilpon wants to sell part of the club to offset the losses that he made in the Bernie Madoff Ponzi scheme. Wilpon was a victim of the scheme.
Wilpon does not however want to lose his grip on the club. He seeks to sell a minority stake in the club and still hold on to the majority.
The New York Post report says King III will be in New York this week to meet Wilpon. It is expected that King III’s bid will demand at least 50 percent of the club’s stake. That is where the difference is.
There are other bids from Martin Silver, Mike Ripole and other billionaires. What is however clear is that none of those investors is likely to accept anything less than 50 percent stake in the club.
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Tags: bernie madoff, billionaires, fred wilpon, investors, losses, martin luther king, martin luther king iii, mets new york, minority stake, new york mets, new york post, percent stake, ponzi scheme, quarters
