Blog Entry

Einhorn's deal with the Mets is off

Posted on: September 1, 2011 10:50 am
Edited on: September 1, 2011 12:09 pm
By C. Trent Rosecrans

David Einhorn's will not buy a minority share of the New York Mets, the team announced on Thursday.

"After months of negotiations, the parties were unable to reach agreement, and the Mets ownership has decided to explore other options," the team said in a statement.

More on Mets' messs

Einhorn's purchase of part of the team was supposed to help the Mets pay back a multimillion-dollar loan from Major League Baseball. However, in the statement the team said it has enough money to cover its losses from this season and "moving forward." The statement also said the team was under "no financial pressure," to make another deal, but are still interested in selling part of the franchise.

"We are very confident in the team's plans – both off and on the field," Mets Chairman and CEO Fred Wilpon said in the statement. "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."

Einhorn released a statement as well:

"I am disappointed to announce that I will not be purchasing an ownership interest in the New York Mets baseball team at this time," Einhorn was quoted in the statement. "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."

According to the New York Post, Einhorn "overplayed his hand" with the Mets ownership group. Einhorn was expected to by 33 percent of the team for $200 million. The newspaper reported talks between Einhorn and the Mets stalled when Einhorn pushed the current owners on a way for him to take over the majority share of the team.

Einhorn blamed the team for trying to change the terms of the deal last week. 

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Posted on: December 8, 2011 5:46 am

Einhorn's deal with the Mets is off

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