Thursday, July 28, 2011
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.