Chiefs shareholders told Mets are offering $18 million to buy team

CNYCentral file photo

In a notice sent to shareholders, the Syracuse Chiefs says the New York Mets are offering $18 million to buy the team.

The notice was sent to shareholders Thursday and asks them to return their proxies before November 17 and vote in support of a merger agreement that makes the purchase possible. The meeting will be held at NBT Bank Stadium, but is not open to the public.

For the transaction to be approved, two-thirds of the shareholders must vote in support of it. If the $18 million total is approved, the return would amount to about $1,400 per share, according to the notice.

In all, three approvals are needed to finalize the Mets' purchase of the Chiefs: one from shareholders, one from Major League Baseball and another from Onondaga County, who leases out the stadium used by the team.

The Mets announced their intentions to purchase the Chiefs earlier this month. During a news conference, Governor Andrew Cuomo, who lauded the potential purchase, said he believes the necessary approvals will be received.

The Chiefs have a lease with Onondaga County to play at NBT Bank Stadium through at least 2025. The Mets have said they will abide by that agreement if the purchase is approved.

close video ad
Unmutetoggle ad audio on off