Thursday, May 26, 2011

Report: Mets To Sell Less Than 49 % To David Einhorn

According to Richard Sandomir of the New York Times, David Einhorn, a Manhattan hedge-fund manager has agreed in principle to purchase less than 49% of the New York Mets for approximately $200 Mil. The agreement does not include part ownership of the Mets profitable cable network SNY.

According to a team press release, “The New York Mets today announced that David Einhorn has been selected as the team’s preferred partner and that the Mets and Mr. Einhorn have entered into exclusive negotiations with respect to a minority, non-operating investment in the team. The $200 million personal investment by Mr. Einhorn is subject to the negotiation of a mutually acceptable definitive agreement for the transaction, as well as required approvals by Major League Baseball. The parties expect to enter into definitive agreements by late June.”