CONFIRMED: David Einhorn Is Buying A Minority Stake In The Mets For $200 Million
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It's confirmed: David Einhorn is buying a stake in the the Mets!
He'll purchase a 49% stake for $200 million.
(See full press release below)
Earlier today it was mentioned across several news sites that Einhorn was a possibility to buy a portion of the New York baseball team.
Einhorn has been a fan of the team since he was a kid.
And yesterday at the Ira Sohn Conference, where Einhorn was presenting, the hedge funder gave a wink to his new investment.
Earlier in the bidding, other Wall Street names were part of the Mets mix. A group including hedge fund titan Steve Cohen, of SAC Capital, was said to be a leading bidder at one point. David Heller of Goldman Sachs was also revealed as an interested party.
Here's the release:
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.”
Here's how Einhorn hinted he was buying a piece of the Mets at a conference yesterday >
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See Also:
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