Mets Deal With David Einhorn Is Dead

by Eric Simon on Sep 1, 2011 10:36 AM EDT

"This isn't goodbye. It's see you later. Or maybe goodbye."

According to Richard Sandomir from the New York Times, the long-discussed and much-ballyhooed deal between the Mets' ownership group and hedge fund prodigy David Einhorn has fallen apart completely.

What appeared to be a done deal a few months ago wound up taking far longer than expected, and now the ongoing investment/minority partnership discussions are apparently kaput.

Fred Wilpon & Co. are still in federal court trying to fend off Irving Picard and his clawback lawsuit on behalf of the bilkees of Bernie Madoff's now-legendary Ponzi scheme, but they have released a statement regarding the Einhorn talks:

The New York Mets’ Owners announced today that their period of exclusive negotiations with David Einhorn regarding a minority, non-operating interest in the Mets has expired and Ownership has decided not to extend the exclusive negotiating period any further. After months of negotiation, the parties were unable to reach agreement, and Mets Ownership has decided to explore other options.

Ownership has provided additional capital to cover all 2011 losses and is moving forward with the necessary resources to continue to operate the franchise. Ownership will explore other strategic transactions and is under no financial pressure to do a deal on any particular schedule.

"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."

Tweet Comment 22 comments | 0 recs |

Do you like this story?

Comments

Damn.

by SuperT on Sep 1, 2011 10:41 AM EDT reply actions

My guess...

the deal now moves to the silent phase.

Neither party was able to garner significant leverage by playing this out in public. The Wilpons looked desperate for a second, but the turn the lawsuit has taken probably strengthened their hand a bit. So now both sides will take a month off, let the media move on to their next obsession (probably Reyes) and pick things up again out of the public spotlight.

They got close enough for me to highly doubt that there are irreconcilable differences. This was just round 1, where both parties have to establish that they’re not gonna be punked by the other.

"Those who fear disorder more than injustice inevitably produce more of both." -- Rev. William Coffin

by dcrockett17 on Sep 1, 2011 10:49 AM EDT reply actions

Your lips to God's ears.

Oh, the butcher and the baker and the people on the street: wheredotheygo?!?!? Right here: http://www.mets360.com/

by CharlieH on Sep 1, 2011 10:56 AM EDT up reply actions

I guess the Wilpon's financial situation has improved

The deal was pretty sweet for Einhorn. My guess is that the Wilpons are in a position to work out a better deal for themselves.

Dear friends, please temporarily stop your footsteps To our website Walk
around A look at Maybe you’ll find happiness in your sight shopping heaven and earth You’ll find our price is more suitable for you.

by Coolpapabell on Sep 1, 2011 10:49 AM EDT reply actions

Recent articles about the ponzi lawsuit…

… make it appear that the Wilpons probably owe $300 million. The chance that they’ll get off at lightly as they’d hoped (100-150 million) has vanished, and $300 million is the new floor. On the other hand, the odds of them getting dinged for the whole $1 billion have also dropped dramatically. $300 million is looking more and more like ‘the’ number, and with increasing certainty comes decreasing desperation and need to hedge potential losses.

$300 million is a bad number for the Wilpons, but it’s a survivable number. They no longer need Einhorn and his usurious loan. (Yes, 40-42% interest per annum is usury in New York State.)

by Curtis3331 on Sep 1, 2011 1:29 PM EDT up reply actions

I think we fans are screwed.

And I hope Reyes enjoys Boston.

F U C K !!!!!!!!!!!!!!

Oh, the butcher and the baker and the people on the street: wheredotheygo?!?!? Right here: http://www.mets360.com/

by CharlieH on Sep 1, 2011 10:56 AM EDT reply actions

Nice baseless hyperbole

__________________________________________________
"He who gets the best players usually wins" - Bobby Bowden

by Russ on Sep 1, 2011 12:43 PM EDT up reply actions 1 recs

How is it baseless?

This probably means: 1 the end of Sandy Alderson in New York, 2 the disappearance of any solvency to keep Reyes around or improve the team in any significant way in the off-season, and 3 the Wilpons hanging around to screw things up for at least another year.

Oh, the butcher and the baker and the people on the street: wheredotheygo?!?!? Right here: http://www.mets360.com/

by CharlieH on Sep 1, 2011 2:46 PM EDT up reply actions

It's baseless because your making huge assumptions

and you’re ignoring the SNY money that allows the Mets to operate at a loss.

__________________________________________________
"He who gets the best players usually wins" - Bobby Bowden

by Russ on Sep 1, 2011 4:02 PM EDT up reply actions

I don't see how this means anything regarding Sandy's tenure.

He’s signed for 3 more years. I just can’t imagine they’d cut bait on him with that long left on his deal, especially considering the solid work he’s done so far and the fact that it took them so long to fire Omar Minaya, a clearly overmatched general manager who had worn out his welcome a couple of years before he was canned.

They’d be incredible morons to fire Sandy (even bigger than anyone could’ve imagined).

Chamption of the R.A. Dickey Face contest and "Cromulent Photoshopper Extraordinaire" of Amazin' Avenue!
You might know me as mistermet.

by Steve Schreiber on Sep 1, 2011 4:58 PM EDT up reply actions

Aside from the moron thing

they have to stay on Selig’s good side. I don’t think Sandy’s going anywhere.

by Curtis3331 on Sep 1, 2011 5:31 PM EDT up reply actions

Disappearance of solvency

And the Pons hanging around are two mutually exclusive events.

@metsflu: Why did you decide to grow a beard?
@RADickey43: Dont you understand, the beard grew me.

by Dandy Salderson on Sep 1, 2011 5:22 PM EDT up reply actions

FUCK MY TITS OFF!!!

What Would Matt Szczur Do?
Fact on Villanova Sports

by Hoyadestroya85 on Sep 1, 2011 11:00 AM EDT reply actions 4 recs

well said

by Coolpapabell on Sep 1, 2011 11:01 AM EDT up reply actions

We're snakebitten...

"Blinding ignorance does mislead us. O! Wretched mortals, open your eyes!" Gil Hodges IS a Hall of Famer.

AA Gamethread Embiggening Record Holder- 458 posts (08/24/11)
3rd Place- 2011 AAOP Contest

by Brooklyn Dodgers Mets Fan on Sep 1, 2011 11:07 AM EDT via mobile reply actions 1 recs

In a separate press release:

The Mets have announced the installation of Donation Jars at each turnstile at Citi field. For each $1 placed in the Jar the fan who donated will receive 0.000000000000000001% ownership of the the NY Mets and coupons to Subway and Dunkin’ Donuts.

"Sometimes you make a mistake and you get hit in the head." - Eli Manning

by blains2000 on Sep 1, 2011 12:06 PM EDT reply actions 1 recs

Well

at least the other I also follow doesn’t have a shitty owner, right Peter Angelos?

FUCK!

"I think not sucking is way more of an important thing to pay attention to first." -- Gabe Newell

by Mike Uhrich on Sep 1, 2011 12:26 PM EDT reply actions

_

*other team. sigh.

"I think not sucking is way more of an important thing to pay attention to first." -- Gabe Newell

by Mike Uhrich on Sep 1, 2011 12:26 PM EDT up reply actions

Trying to see a bright side to this

and so far, I don’t.

The artful muppet formerly known as KrmtDfrog.
Please read my sardonic wit and over-blown sense of self over at headkicklegend.com

by Cory Braiterman on Sep 1, 2011 12:48 PM EDT reply actions

God...damnit!

Proud supporter of a New York baseball team and a Boston football team. Yeah, deal with it!
"We don’t listen to the hype. I don’t think we ever have. We really take after our coach and he says ‘When you win, say little. When you lose, say less.'"--Tom Brady
The 2011 New York Mets: I don't know what to describe them as...
Staunch Parishioner Of The First United Church of R.A. Dickey

by R_Adragna on Sep 1, 2011 12:54 PM EDT reply actions