Friday, August 26, 2011

Einhorn/Mets deal, Still not a done deal and won't be in August


According to Mike Ozanian of Forbes,  the New York Mets and hedge fund manager David Einhorn will not close their deal to make the hedge fund manager a minority owner in the baseball team this month.

This deal which was first announced in May, was to get the the money-losing debt-laden baseball team some badly needed cash.



In early July, ESPN.com wrote the deal would would likely close in August. And in case there were still any doubters after the Mets began to cut their payroll by trading closer Francisco Rodriguez, in late July the New York Times reported that the deal between the Mets and Einhorn was essentially done except for the paperwork.

Mike Ozanian has learned that there will be no deal between the Mets and Einhorn in August. People familiar with the matter say the two sides are still on track to come to terms. Meanwhile, the team’s losses on the baseball diamond and income statements continue to pile up.

Ozanian does not know if a deal can get done, but says it's rather obvious that the more greater the team falls into the red, the more leverage Einhorn will have.
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