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Almost Solvent: Mets Negotiating Minority Share Deal With Hedge Fund Manager
By
Ben Yakas
Published May 26, 2011
Modified May 26, 2011
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By
Ben Yakas
Published May 26, 2011
Modified May 26, 2011
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After months of financial woe caused by the $1 billion Madoff "false profits" lawsuit, the Mets have confirmed that they are in exclusive negotiations to sell a minority share of the team to hedge fund manager David Einhorn. They've decided to sell less than 49 percent of the team for $200 million; a definitive agreement is expected by late June. “We are very excited about David joining our ownership group for several reasons. David’s investment immediately improves the franchise’s financial position," said COO Fred Wilpon in a statement.
Einhorn co-founded Greenlight Capital in 1996, and hadn't been mentioned in the past five months as the team searched desperately for someone to buy a minority share. A board member of Hillel, The Michael J. Fox Foundation for Parkinson's Research and the Robin Hood Foundation, who also finished 18th in the 2006 World Series of Poker, Einhorn sounded very excited about joining the team, and said being part of it is "exciting beyond my wildest childhood dreams." He said in a statement:
I spent my first seven years living in New Jersey and rooting for the Mets. In 1975, I even dressed in a homemade jersey as a Met for Halloween. I have been a baseball fan for my entire life and have enjoyed teaching the game as the coach of my daughter's little league team. I look forward to partnering with the Wilpon and Katz families through the good seasons, the tough seasons and especially the championship seasons.
After the week they've had, the Mets sure could use some positive developments; the team has been dealing with the fallout from Wilpon's uncensored interviews with The New Yorker and Sports Illustrated, in which he pulled a Corleone, criticizing several major players in the public, and discussed how badly the team was hemorrhaging money.
They may be able to get some more money back if they traded all-star closer (and all-star girlfriend's father puncher) Francisco Rodriguez. K-Rod, who has a complicated contract, could become a trade asset for the team, because he seems willing to waive a $17.5 million vesting option as well as his no-trade clause. Nevertheless, he told the Times he would like to stay here: “Sometimes people think I just want to jump ship. In this case, not at all. I’d rather stay here all the way. And hopefully the door is open to one more year, or two more years. But definitely it’s not on my mind to leave.”
But cheer up, Mets fans—these are the miserable times we all live for. The Times Union has a positive view of the downward spiral the team is in currently, the mess that historically is the major legacy of the Mets: it's all a giant life lesson. They quote from a user on local message board Blue & Orange Gelding Club: “The Mets are a life long lesson in learning how to roll with the punches. If you can do that with this team, you can do pretty much anything. I’ve been rolling since I was 6. My kids started even younger. I think they’re gonna be OK.”
Tagged
baseball
david einhorn
k-rod
mets
minority share
mlb
wilpon
Ben Yakas
Ben Yakas is a former Gothamist reporter.
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