Mets Agree To Sell Minority Stake In Team

7:23pm: Ken Rosenthal of FOX Sports tweets that the Mets have shot down this morning's report, issuing a statement saying "[there] is uninformed speculation regarding terms of a potential deal." Rubin points out that the team has made a series of misstatements in the past.

ESPN's Buster Olney wonders how MLB will respond since the deal is "seemingly a body blow to [the] perceived franchise value of team," and the league could be wary about how future investors perceive the club's worth (Twitter links).

SATURDAY, 8:54pm: Adam Rubin of ESPN New York has learned the terms of the purchase, which sound extremely favorable for Einhorn. The $200MM buys him 30-35% of the team, and he has an option to increase his stake to 60% in three years. If the Wilpons do not want to give him a majority (and controlling) share at that time, they can refund the $200MM while Einhorn still gets to keep his 30-35% stake.

THURSDAY: The Mets have agreed to sell a minority share of the club to David Einhorn, president of Greenlight Capital Inc., according to ESPN's Karl Ravech. The Mets confirmed that Einhorn is their preferred partner, according to Adam Rubin of MLB has not yet approved the deal, but the Mets stand to obtain $200MM from Einhorn. The Mets expect to enter into definitive agreemets within a month.

Though the Wilpon family has had its share of financial troubles, the Mets say they're going to continue spending. They are prepared to exceed the commissioner's recommended bonuses in this year's draft and expect to maintain a payroll in the $100-145MM range next year. The influx of cash figures to help the Mets pay their bills.

Full Story | 0 Comments | Categories: New York Mets

Leave a Reply

Be the First to Comment!