Mets end talks with investor Einhorn
By SPORTS NETWORK
FLUSHING, N.Y. -- The New York Mets have ended negotiations with investor David Einhorn, who in May agreed to purchase a minority share of the team.
Einhorn's investment in a non-operating stake of the team, said to be about 33 percent, was reported to be worth $200 million, but months of talks could not produce a finalized agreement.
The Mets said in a statement Thursday that they would not extend the exclusive negotiating period with Einhorn and would begin pursuing other options.
"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," Mets CEO Fred Wilpon said in a statement. "My partners and I thank David for his interest in considering this opportunity and wish him well in the future."
The Mets were hoping the investment from Einhorn would help the financially troubled team cover day-to-day operations and pay debts. According to the New York Post, the team is set to lose about $70 million this season.
"Ownership has provided additional capital to cover all 2011 losses and is moving forward with the necessary resources to continue to operate the franchise," the Mets' statement read.
The Wilpon family 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.