STATEMENT FROM THE NEW YORK METS
FLUSHING, N.Y., September 1, 2011 – The New York Mets’ Owners announced today that their period of exclusive negotiations with David Einhorn regarding a minority, non-operating interest in the Mets has expired and Ownership has decided not to extend the exclusive negotiating period any further. After months of negotiation, the parties were unable to reach agreement, and Mets Ownership has decided to explore other options.
Ownership has provided additional capital to cover all 2011 losses and is moving forward with the necessary resources to continue to operate the franchise. Ownership will explore other strategic transactions and is under no financial pressure to do a deal on any particular schedule.
“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.”
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Meanwhile, David Einhorn’s statement says:
“I am disappointed to announce that I will not be purchasing an ownership interest in the New York Mets baseball team at this time. It is clear that it will not be possible for me to consummate the transaction on the terms that the Sterling-Mets organization and I originally agreed to several months ago. The extensive nature of changes that were proposed to me at the last minute has made a successful transaction impossible.
“I want to thank the entire Mets organization and Major League Baseball for their efforts. This experience will always be a happy memory for me because of the Mets’ fans. A good number of you have reached out to offer me encouragement. I will always be touched by the warmth that you showed me.”
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And this tweet is interesting
@BrianCostaWSJ: Mets will change strategy, look to sell off smaller pieces of team for $20 million each
this should not come as a surprise to anyone..einhorn is an aggresive forward thinker..the wilpons have no room in there organization for someone like that..
Until now, I had some qualms about rooting for the world to cave in on the Wilpons… but now I’m all in. This is exactly the kind of business maneuvering they have been accused of around the league for years… employing a spineless mix of bait and switch, low ball and on occasion tough-guy/street tactics in their business dealings. In a town that venerates the stand-up guy (or gal), they are basically anything but. When this kind of thing created enough public outcry, Tony Bernazard was the first to take the fall– though he had been fully licensed to behave as he did by the Wilpons– especially his BFF Jeff. Then when Omar was let go, we were asked to believe that it was the front office and not the ownership that had made the Mets organization a punchline around the league.
Well between the articles earlier this season that allowed us a very intimate look at the unchecked, scrambled thoughts that flow freely from Fred Wilpon’s head and now this very public bait and switch and eventual default on a verbal agreement, we know for sure where the fault lies. And the Wilpons arrogance is deserving of a downfall in every way. The character they have shown over the last five years kind of makes me think they did know what their buddy Bernie was up to.
and, I’m sure family members will be lining up for a chunk of the negative cashflows.
Its just a shame that the team and fans I love so much suffer because of their hubris.
Something tells me this time they have pissed off the wrong guy…Einhorn will take full ownership in a year or two.
I wish I could say this surprises me, however sadly it does not. I believe the Wilpons looked at the deal they had in principle and decided the chances of loseing the team were good, so they put in some eleventh hour changes to perhaps work better in there favor and here we are. I have never been a fan of the Wilpons and I never will be. It has nothing to do with money spent. It’s about an image they have saddled this franchise with. Just a constant sting of instances where all you get is incompetence and bafoonary. I can now only hope that this latest incident secures their demise.
I agree…they stalled and stalled and probably feel a bit better about their Madoff suit now, so they renegged on the deal. Based on their past judgement, this will backfire too.
Methinks you’ve nailed the sequence of events.
Today’s news is a triumph for people named “Wilpon”, or anyone who just hates the Mets.
This franchise is a sleeping giant that will remain sleeping as long as the current ownership is allowed to stagger along. No one consistently does less with more.