Too Good To Be True? Mets Deny Einhorn's $1 Deal

Jun 17 2011 | 3:52am ET

If ever there was a moving target, David Einhorn's deal to buy a piece of the New York Mets is it.

Einhorn is poised to buy a one-third stake in the baseball team for what amounts to a $200 million loan. But the deal is also said to include a provision that could make him the majority owner of the team within three-to-five years if the Mets' current owners aren't able to pay him back.

Earlier this week, Fortune reported that boosting his stake from 33% to 60% would only cost the Greenlight Capital founder $1. Not so, say the Mets.

"Like many other media reports speculating on the terms of a potential agreement, yesterday's was simply false, too," the team said.

Einhorn and the Mets are still hammering out the particulars of the deal, which still requires the approval of Major League Baseball. The Mets are in dire financial straits, loaded with debt and owned by a family, the Wilpons, facing up to $1 billion in liabilities in the Bernard Madoff Ponzi scheme case.

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