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.