Mets, Einhorn deal falls through

As if the Wilpons’ financial portfolio was not bleak enough, they have now squandered the opportunity for a significant influx of capital.
The Mets’ owners announced today that exclusive negotiations with David Einhorn regarding a minority, non-operating interest in the team have ended. Ownership declined to extend the negotiation period and has said it will now explore other options.
Einhorn, who is president of the investment firm Greenlight Capital, was reportedly set to spend $200 million for a non-controlling stake in the Mets and would have the option of increasing his ownership to 60 percent in three to five years. The Wilpons could have blocked Einhorn’s option by returning his investment and allowing him to maintain one-sixth ownership of the team. The two sides, however, were ultimately unable to reach an agreement after months of bargaining.
According to the Mets, the Wilpons have covered all 2011 losses and are suffering no financial duress that will force them to complete a new deal by any particular time.
“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.”