Report: Einhorn Could Become Mets Majority Owner For $1

Jun 16 2011 | 11:16am ET

His first third of the New York Mets will cost Greenlight Capital's David Einhorn $200 million. The second third may cost him only $1 more.

Einhorn's deal has long been reported to include a clause granting him the right to take a majority stake in the baseball team down the road, if current owners Fred Wilpon and Saul Katz are unable to refund him his $200 million. But to raise his stake in the Mets to 60%, Einhorn will have to pony up only $1 more, Fortune reports.

The $1 strike price is among many rumored aspects of the deal floating around. The agreement between the Mets and Einhorn is not yet final and still requires the approval of Major League Baseball.

Fortune reports that the Wilpons—embroiled in a $1 billion legal battle with the trustee in the Bernard Madoff Ponzi scheme case—have just three years to repay Einhorn. Other sources indicate that they have as much as five. Even if they do repay him, Einhorn gets to keep a chunk of the team, variously reported to be one-third or one-sixth of the Mets.


In Depth

Royalties: The Alternative Assets of the Music Industry

Jul 8 2016 | 7:01pm ET

Recent market volatility has investors seeking greater insight into alternative...

Lifestyle

Vortic: Making Great American Watches Again

Jul 25 2016 | 6:29pm ET

If you are compelled by stories of entrepreneurial vision & drive, or simply...

Guest Contributor

MPI: Like Stellar Returns? Better Understand the Risks First

Jul 22 2016 | 8:44pm ET

When the press reports extraordinarily strong relative or risk-adjusted returns...