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.


In Depth

JOBS Act Propels Real-Estate Crowdfunding Platform

Oct 21 2014 | 2:57am ET

If D.J. Paul were a real estate development, he would be described as “multi-use...

Lifestyle

MacDonald-Korth Offers Insights Into Paintings Bought, Sold By Hedgies

Oct 7 2014 | 9:00am ET

Definitive and complete ratings require an in-person examination of an artwork,...

Guest Contributor

PAAMCO: European Equity Exposure - Challenging Year, But All is Not Lost

Oct 16 2014 | 4:12am ET

European equity hedge fund managers have had a tough time so far this year. The...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

October 2014 Cover

Deeply flawed risk benchmark

Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.