Bob Pittman Meets The Mets
March 21, 2012 at 4:00 AM (PT)
CLEAR CHANNEL CEO BOB PITTMAN is swinging for the fences, as THE WALL STREET JOURNAL reports he is "among several investors who combined to purchase one $20 million stake in the NEW YORK METS." The team's owner FRED WILPON was looking to raise money after losing hundreds of millions with convicted WALL STREET ponzi-scheemer BERNARD MADOFF.
The report didn't specify the exact amount PITTMAN invested, but claimed PITTMAN was part of a group that now owns 4% of the team. The METS sold a dozen minority stakes in the team for a total of $240 million dollars.
THE JOURNAL notes "the only previously known outside investor is STEVEN COHEN, founder of SAC CAPITAL ADVISORS, who purchased one $20 million share. Last month, WILPON said four shares would be purchased by SPORTSNET NEW YORK, the regional sports television network owned by the METS, COMCAST and TIME WARNER."