NEW YORK, NY - MAY 05: A general view as the New York Mets play the San Francisco Giants on May 5, 2011 at Citi Field in the Flushing neighborhood of the Queens borough of New York City. (Photo by Jim McIsaac/Getty Images)
The Mets sent out a press release moments ago confirming the selection of David Einhorn as the next potential minority owner of the team.
Einhorn, a 43-year-old hedge fund manager presently serving as President of Greenlight Capital, will now enter into exclusive negotiations with the club to iron out what rights his $200 million gets him. While the details are still fuzzy about how the new ownership lines will be drawn, Jon Heyman of Sports Illustrated tweeted earlier this morning that Einhorn's investment is expected to award him with the right of first refusal for buying a majority share should the Wilpons be forced to sell.
So anyway, welcome to our potential new Mets owner. Follow the jump to read the full press release issued by the team.Here's the press release for those of you who are in to that sort of thing:
NEW YORK METS SELECT DAVID EINHORN
AS PREFERRED PARTNER
Einhorn to Invest $200 Million for Minority, Non-Operating Stake in Team
FLUSHING, N.Y., May 26, 2011 – 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.
"We are very excited about David joining our ownership group for several reasons," said Fred Wilpon, Chairman & Chief Executive Officer , New York Mets. "David’s investment immediately improves the franchise’s financial position. Equally important, David’s intelligence, integrity and success in both business and civic affairs provides us with another perspective in evaluating what is best for this organization and our fans, and we welcome his input. In partnership with David, we look forward to achieving our ultimate goal of again becoming World Series champions."
Mr. Einhorn stated, "Having an opportunity to become part of the Mets franchise is exciting beyond my wildest childhood dreams. 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."
Mr. Einhorn is President of Greenlight Capital, Inc., a private investment firm which he co-founded in January 1996, and is Chairman of the Board of Greenlight Capital Re, Ltd. Along with his wife, Mr. Einhorn formed the Einhorn Family Charitable Trust, whose mission is to help people get along better. He also serves on the Board of Directors of The Michael J. Fox Foundation for Parkinson’s Research and the Robin Hood Foundation.