Thursday’s announcement from the Major League Baseball (MLB) franchise is subject to the completion of exclusive negotiations and League approval. It comes in the same week as Mets chairman and CEO Fred Wilpon’s series of stark comments about the state of the team, both on and off the ballpark.
Wilpon told Sports Illustrated that the Mets are "bleeding cash" and could lose up to $70 million this year. The Mets chairman, and team president Saul Katz, are also facing a $1 billion lawsuit by the trustee seeking to recover funds lost in Bernard Madoff's notorious Ponzi scheme. Meanwhile, the Mets have failed to win a World Series since 1986, and their 23-25 record this year places them fourth in the five-team National League East.
However, light appears to be at the end of the tunnel with Einhorn, president of private investment firm Greenlight Capital Inc., agreeing to make a "minority, non-operating investment in the team" which is expected to be completed by late June. The sale is reportedly for less than 49% of the club and will not include a share in SportsNet New York, the television network owned by the Mets.
"We are very excited about David joining our ownership group for several reasons," said Wilpon. "David's investment immediately improves the franchise's financial position. Equally important, David's intelligence, integrity and success in both business and civic affairs provides us with another perspective in evaluating what is best for this organisation and our fans, and we welcome his input. In partnership with David, we look forward to achieving our ultimate goal of again becoming World Series champions."
Einhorn stated: "Having an opportunity to become part of the Mets franchise is exciting beyond my wildest childhood dreams. I spent my first seven years living in New Jersey and rooting for the Mets.” He added: “I have been a baseball fan for my entire life and have enjoyed teaching the game as the coach of my daughter's Little League team. I look forward to partnering with the Wilpon and Katz families through the good seasons, the tough seasons and especially the championship seasons."