Showing posts with label Deal almost done. Show all posts
Showing posts with label Deal almost done. Show all posts

Thursday, July 28, 2011

NY Times: Mets/Einhorn deal almost finished, waiting for paper work to be completed


The Mets deal to sell a minority stake in the team for $200 million to David Einhorn is finished except for completing the deal’s paperwork, according to the NY Times.

The deal was slowed by Einhorn’s dealings with the banks that have lent the team more than $400 million. The banks are now satisfied with the transaction’s terms (NY Times Source).

The acquisition of a minority stake is usually approved by Commissioner Bud Selig, which would probably give the Mets access to the $200 million as early as next month.

The boatload of cash should be a relief to Fred Wilpon and Saul Katz, the Mets’ owners, who face a $1 billion lawsuit that has been filed by Irving H. Picard, the trustee for the victims of Bernard L. Madoff’s Ponzi scheme.

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