May 28, 2011, 3:06 PM EDT
UPDATE: The New York Times confirms Adam Rubin’s report and adds that the deal being discussed between Einhorn and the Mets does not include SNY, which is the team’s television network. Einhorn didn’t say much during the conference call Thursday, but was adamant that he had “no interest” in owning a television station.
9:30 AM: Adam Rubin of ESPN New York reports that David Einhorn does indeed have a path to majority ownership with the Mets. Of course, that was the assumption all along, as it wouldn’t make much sense if he didn’t have that option, but the exact terms of the deal are a doozy.
Einhorn has agreed in principal to purchase roughly 33 percent of the team for $200 million, which will infuse cash and keep the organization solvent in the immediate future. In three years, according to the source, Einhorn has an option to up his stake to 60 percent, although principal owner Fred Wilpon and his family have an opportunity to block Einhorn from gaining that majority stake.
The source said the Wilpons can stop Einhorn from gaining the majority share essentially by returning Einhorn’s initial $200 million investment yet allowing him to keep the 33 percent share of the team.
So, basically, in three years either Einhorn will either have majority control of the Mets or get his initial $200 million investment back and still keep one-third of the team. Kind of makes you wish you had $200 million sitting around, right? Not only is this the best deal you’ll see this week (year?), but it also tells you how hard-up the Wilpons are for cash right now.
- 2015 Preview: Atlanta Braves 5
- David Ortiz: “Nobody in MLB history has been tested for PEDs more than me” 92
- 2015 Preview: Chicago Cubs 13
- Unsigned 2014 No. 1 overall pick Brady Aiken undergoes Tommy John surgery 55
- 2015 Preview: Seattle Mariners 15
- Cardinals add “OT” patch for Oscar Taveras 76
- 2015 Preview: Pittsburgh Pirates 13
- 2015 Preview: San Diego Padres 22
- College baseball player cut after making offensive tweet about Mo’ne Davis (115)
- Ex-Cardinals outfielder Curt Ford was assaulted in St. Louis and told to “go back to Ferguson” (115)
- David Ortiz: “Nobody in MLB history has been tested for PEDs more than me” (92)
- Mo’ne Davis says college ballplayer who wrote an offensive tweet about her deserves a second chance (88)
- Cardinals add “OT” patch for Oscar Taveras (76)