The New York Mets have offered $18 million for the right to purchase the Syracuse Chiefs (Class AAA; International League), according a report.
It was recently announced that the Mets will move forward with the acquisition of the Chiefs. The sale needs to go through several layers of approval before it is final, but the transaction is expected to allow the Mets to shift their Class AAA affiliate to the east cost after spending the last several years in an affiliation with the Las Vegas 51s (Pacific Coast League).
According to a report from Syracuse.com, the Mets have offered to purchase the Chiefs from Community Baseball Club of Central New York Inc for $18 million. That would lead to a return of roughly $1,400 per share–after certain expenses and obligations are paid off–and shareholders are expected to meet in November. More from Syracuse.com:
The purchase is dependent upon approval by two-thirds of the team’s shareholders. The Chiefs are holding a shareholders meeting 4 p.m. Nov. 17 at NBT Bank Stadium.
The Chiefs have sent out proxies which shareholders can return in lieu of attending the meeting.
The club has about 1,700 shareholders representing a total of 11,000 shares. Many of the original shares sold for $10 each.
“It’s a good number,” Syracuse general manager Jason Smorol said of the $18 million offer. “It is obviously good for the shareholders. You can’t fixate on a price. You have to fixate on the entirety of the deal.”
The Chiefs have a current player development contract (PDC) with the Washington Nationals that covers 2018, so it is expected that a switch to the Mets would take effect for 2019. As for the team’s commitment to Syracuse’s NBT Bank Stadium, it runs through the 2025 season.