The New York Mets have been bleeding cash all season, and owner Fred Wilpon’s business dealings with convicted Ponzi schemer Bernard Madoff are under investigation; Wilpon could be on the hook for hundreds of millions of dollars.
In an effort to infuse cash into the team, a minority interest was supposed to be sold to hedge fund manager David Einhorn.
Thursday, it was announced that the deal with Einhorn had fallen through:
Einhorn, president of the investment firm Greenlight Capital, issued a statement saying that the deal changed at the last minute before falling apart.
“I am disappointed to announce that I will not be purchasing an ownership interest in the New York Mets baseball team at this time,” he said. “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.”
The Mets and Einhorn had an exclusive negotiating window, which is now closed. The Mets will seek other bidders for this minority stake in the team, according to Wilpon:
“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.”