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Mets Lose Again: Rich Savior Pulls Out Of Deal To Save Team
By
Ben Yakas
Published Sep 1, 2011
Modified Sep 1, 2011
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By
Ben Yakas
Published Sep 1, 2011
Modified Sep 1, 2011
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Breaking: after months of negotiations, David Einhorn, the 42-year-old hedge fund manager who had been announced as the next minority share owner of the financially beleaguered Mets, is out of the running to buy a stake in the team. Just yesterday, Einhorn had been pressing MLB to pre-approve him as an owner of the franchise, in case Mets owners Fred Wilpon and Saul Katz were forced to relinquish ownership. Did the deal fall through because the Mets discovered that Einhorn is actually Finkle?
Here's the Mets' statement on the end of the deal, in which they say they will "explore other options" (could that mean Trump has a chance yet?):
The New York Mets’ Owners announced today that their period of exclusive negotiations with David Einhorn regarding a minority, non-operating interest in the Mets has expired and Ownership has decided not to extend the exclusive negotiating period any further. After months of negotiation, the parties were unable to reach agreement, and Mets Ownership has decided to explore other options.
Ownership has provided additional capital to cover all 2011 losses and is moving forward with the necessary resources to continue to operate the franchise. Ownership will explore other strategic transactions and is under no financial pressure to do a deal on any particular schedule.
“We are very confident in the team’s plans - both off and on the field,” said Mets Chairman and CEO Fred Wilpon. “We will engage with other individuals, some who have been previously vetted by Major League Baseball, along with other interested parties, regarding a potential minority investment into the franchise. My partners and I thank David for his interest in considering this opportunity and wish him well in the future.”
It's unclear thus far whether Einhorn was frustrated by the lengthy negotiations, by MLB's unwillingness to pre-approve him as an owner, if the financial atmosphere around the club proved too problematic...or if the Mets really are just cursed. It's also unclear where this leaves the team going into the offseason with its fiscally precarious situation—will they even be able to afford Jose Reyes next year? As TheRealJB18 put it, "The #Mets & Einhorn deal fell through after it was thought to be a "done deal"? Sounds like just another August/September for the Mets."
Update: Einhorn has released his own statement about the dissolution of the deal, and unsurprisingly, he puts blame on the Mets:
I am disappointed to announce that I will not be purchasing an ownership interest in the New York Mets baseball team at this time. It is clear that it will not be possible for me to consummate the transaction on the terms that the Sterling-Mets organization and I originally agreed to several months ago. The extensive nature of changes that were proposed to me at the last minute has made a successful transaction impossible.
I want to thank the entire Mets organization and Major League Baseball for their efforts. This experience will always be a happy memory for me because of the Mets’ fans. A good number of you have reached out to offer me encouragement. I will always be touched by the warmth that you showed me.
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Ben Yakas
Ben Yakas is a former Gothamist reporter.
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