Step Right Up And Save The Mets
(Sports Network) Flushing N.Y. The New York Mets announced today that they have agreed to sell a minority stake of the team to investor David Einhorn. Einhorn's investment in a minority, non-operating stake of the team is $200 Million and is subject to the negotiation of a mutually acceptable agreement and approval by Major League Baseball. Einhorn is president of Greenlight Capital, a private investment firm he helped co-found in January 1996. He is also the chairman of the board of Greenlight Capital Re, Ltd.
The move will help the financially troubled team and its owners as the money will cover day to day operations and pay debts. The team had to take a $30 Millon emergency loan from MLB last year and owner Fred Wilpon is currently in a lawsuit brought about by the Bernie Madoff estate trustees seeking $1 billion in supposed profits and damages stemming from Madoff's Ponzi scheme.