Met ownership announced today that they are no longer negotiating with David Einhorn that would give him about 30% of the team. The Mets have been exclusively negotiating with Einhorn for a few months. The Mets and Einhorn had reportedly agreed that he would pay the Wilpons $200 million for a minority stake in the team, and after two to three years, if the Wilpons didn’t return Einhorn’s $200 million, Einhorn would take control of the team. Well, apparently Einhorn had been pushing too much to become the principal owner, and the Wilpons just weren’t interested. Now, Fred and Jeff Wilpon are seeking out friends and family to buy small blocks of the team that would add up to $200 million.
This puts the Sandy Alderson and his assistants in a very tough position, even worse than last off-season. Alderson was relying on this Einhorn deal to go through so he could have some money to spend this winter. Now, I’m certainly not an expert on minority ownership, or how it gets done, but I have a feeling that the Wilpons won’t be able to get all the money they need from friends and family buying portions of the team. This means that Prince Fielder coming to New York is unlikely (if it wasn’t already), and it could also put the re-signing of Jose Reyes in jeopardy if the Mets were still interested.
If you haven’t been keeping up with the story, here are some links that will help you understand the few details that are available:
- NY Post: Einhorn seeks route to full Mets ownership
- NY Times: Mets’ Deal With Einhorn Is Off
- ESPN New York (Adam Rubin Blog): Source: Small blocks, no one partner