NEW YORK METS SELECT DAVID EINHORN
AS PREFERRED PARTNER
Einhorn to Invest $200 Million for Minority, Non-Operating Stake in Team
FLUSHING, N.Y., May 26, 2011 – The New York Mets today announced that David Einhorn has been selected as the team’s preferred partner and that the Mets and Mr. Einhorn have entered into exclusive negotiations with respect to a minority, non-operating investment in the team. The $200 million personal investment by Mr. Einhorn is subject to the negotiation of a mutually acceptable definitive agreement for the transaction, as well as required approvals by Major League Baseball. The parties expect to enter into definitive agreements by late June.
“We are very excited about David joining our ownership group for several reasons,” said Fred Wilpon, Chairman & Chief Executive Officer, New York Mets. “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 organization 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.”
Mr. 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. In 1975, I even dressed in a homemade jersey as a Met for Halloween. 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.”
Mr. Einhorn is President of Greenlight Capital, Inc., a private investment firm which he co-founded in January 1996, and is Chairman of the Board of Greenlight Capital Re, Ltd. Along with his wife, Mr. Einhorn formed the Einhorn Family Charitable Trust, whose mission is to help people get along better. He also serves on the Board of Directors of The Michael J. Fox Foundation for Parkinson’s Research and the Robin Hood Foundation.
This is going to be interesting. At least the guy’s young. Waiting to found out more about him and learn what impact this will have on the organization. Listened to the telephone conference but deal/partner specifics could not be disclosed at this time.
Something’s not right about this deal. Granted we don’t know all the facts yet, but no say in the team and no share of SNY? He’s basically handing the Wilpons $200,000,000 for tickets and parking.
Maybe he gets a real jersey with his name on it thrown in.
This same guy owns .1% of Microsoft and called for the CEO to be fired today…he would own a much bigger stake in the Mets…think he might have something to say?