Sep 1, 2011, 10:30 AM EDT
We don’t have the details or the back story yet, but Richard Sandomir of the New York Times just tweeted that the deal in which David Einhorn was to purchase a minority share in the Mets is dead.
This could cut a couple of different ways, really, but one distinct possibility is that Fred Wilpon saw other potential investors emerge in the weeks since Einhorn’s exclusive negotiating window closed and has found more favorable terms. Because the terms to Einhorn seemed pretty poor for Wilpon, given that they could have potentially resulted in him giving up a large chunk of the team for nothing or a controlling interest in the team for less than it was worth. It’s also possible that Einhorn just decided that he had better things to do with his money.
We’ll pass along more details as they become available, of course.
UPDATE: Danny Knobler reports that Einhorn backed out when Wilpon tried to change the deal on him in the last second. There are obviously two sides to every story, of course, so I presume we’ll get dueling official statements later today.
UPDATE: Here is Einhorn’s statement, just released:
“I am disappointed to announce that I will not be purchasing an ownership interest in the New York Mets baseball team at this time. It is clear that it will not be possible for me to consummate the transaction on the terms that the Sterling-Mets organization and I originally agreed to several months ago. The extensive nature of changes that were proposed to me at the last minute has made a successful transaction impossible.
“I want to thank the entire Mets organization and Major League Baseball for their efforts. This experience will always be a happy memory for me because of the Mets’ fans. A good number of you have reached out to offer me encouragement. I will always be touched by the warmth that you showed me.”
Your move, Wilpons.
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