In 1957, the Brooklyn Dodgers and New York Giants abandoned New York for California, leaving the largest city in the United States without a National League franchise. Two years later, on July 27, 1959, attorney William Shea announced the formation of a third major baseball league, the Continental League. After a contentious year, in 1960, Shea and the other Continental League organizers reached a deal with the established major leagues. In exchange for abandoning the new league, four new expansion franchises were created — two in each league. New York City received one of the National League teams with Joan Whitney Payson and her husband Charles Shipman Payson, former minority owners of the Giants, as the principal owners, along with George Herbert Walker, Jr. (uncle of President George H. W. Bush), who served as vice president and treasurer until 1977.^[1] Former Giants director M. Donald Grant, the only member of the board to oppose the Giants' move West, became chairman of the board.

The new team required a new name and many were suggested. Among the finalists were "Bees", "Burros", "Continentals", "Skyscrapers", "Jets", as well as the eventual runner-up, "Skyliners". Although Payson had admitted a preference for "Meadowlarks," the owners ultimately selected "Metropolitan Baseball Club of New York," or "Mets" because it was closely related to the club's already-existing corporate name "New York Metropolitan Baseball Club, Inc.", it hearkened back to "Metropolitans", a historically significant name used by an earlier New York team in the American Association from 1883 to 1887, and because its brevity would naturally fit in newspaper headlines. The name was received with broad approval among fans and press.