MLK III, Others Interested in Buying Stake in Mets

by Michael Baron on January 30th, 2011 at 9:06 am

According to Kevin Kernan of the New York Post, a group headed by Martin Luther King III is interested in purchasing “at least 50 percent” of the Mets.

On Friday, Mets principal owner Fred Wilpon along with COO Jeff Wilpon and Saul Katz announced they are interested in exploring the sale of 20-25% of the team due to uncertainty about their liabilities in the “claw back” action by the Bernie Madoff trustee, but didn’t guarantee they would eventually sell such a stake.

Kernan says King’s group includes former Met Ed Kranepool, Donn Clendenon Jr., and TV executive Larry Meli, and King, who currently resides in the Atlanta area, is scheduled to go to New York this week and setup an appointment to meet with the Wilpons.

According to Forbes Magazine, the Mets were valued at $858 million in 2010, but Kernan says King and his group have more than $1 billion in assets.

Meanwhile, the Daily News says says Mike Repole, who is the former owner of Vitaminwater, could be interested in buying a stake in the Mets, and Adam Rubin of ESPN New York says Martin Silver, the owner of Georgi Vodka, could also be interested.

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