Mets Agree To Sell Minority Share Of Club
After a week of nothing but bad news, the Mets finally received some good news on Friday morning.
Someone is actually willing to purchase a part of this floundering franchise!
According to ESPN.com, the New York Mets have agreed to sell less than 49 percent of the club to David Einhorn, president of Greenlight Capital Inc., for approximately $200 million.
SNY, the television network owned by the Mets, will not be included in the sale.
Einhorn is a hedge fund investor that co-founded Greenlight Capital in 1996. He is also the author of “Fooling Some Of The People All Of The Time,” a book about his battle with private investing firm Allied Capital.
Mets principal owner Fred Wilpon, who is involved in the Bernie Madoff Ponzi scheme, is facing a multimillion dollar lawsuit filed by a court trustee seeking to recover money for Madoff’s other victims.
Back in November, MLB gave the Mets a loan to help cover expenses.
Wilpon has said the team is “bleeding cash” and could lose $70 million this season. He told Sports Illustrated it’s a very realistic possibility that he could lose the Mets if the trustee for victims of Madoff’s Ponzi scheme wins the lawsuit against the team and Wilpon’s other interests.