Mets End Talks with Einhorn
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The New York Mets announced Thursday all deals and negotiations with hedge-fund manager David Einhorn related to a possible sale have been terminated.
The Mets have been straining financially following the discovery of Bernie Madoff’s ponzi scheme, in which the team held a large investment. The team was looking to use the deal as a way to help payoff the multi-million dollar loan which the team took from Major League Baseball.
"After months of negotiations, the parties were unable to reach agreement, and the Mets ownership has decided to explore other options," Mets management said.
The team reassures it has enough "additional capital to cover all 2011 losses."
Mr. Einhorn commented in the release, "It is clear that it will not be possible for me to consummate the transaction on the terms that the Sterling-Mets organization and I originally agreed to several months ago. The extensive nature of changes that were proposed to me at the last minute has made a successful transaction impossible."
The Mets have been straining financially following the discovery of Bernie Madoff’s ponzi scheme, in which the team held a large investment. The team was looking to use the deal as a way to help payoff the multi-million dollar loan which the team took from Major League Baseball.
"After months of negotiations, the parties were unable to reach agreement, and the Mets ownership has decided to explore other options," Mets management said.
The team reassures it has enough "additional capital to cover all 2011 losses."
Mr. Einhorn commented in the release, "It is clear that it will not be possible for me to consummate the transaction on the terms that the Sterling-Mets organization and I originally agreed to several months ago. The extensive nature of changes that were proposed to me at the last minute has made a successful transaction impossible."
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