David Einhorn will not become a part owner of the New York Mets after all. Both the Mets and Einhorn failed to come to terms on a agreement on terms that would require Einhorn to give the Wilpon's $200 million in order to have a non-controlling stake in the franchise.
According to terms of the deal, Einhorn could have become majority owner in three to five years, but that all fell through when the sides couldn't agree on the initial stake in the franchise.
Adam Rhubin of ESPN New York reports that the Mets will now try to sell off smaller shares to family and friends in order to make up for the $200 million they need to help pay off the team's debts.
This is another in a long line of black eyes for the Mets franchise. Not only are the nearing bankruptcy thanks to the Bernie Maddoff scheme, they can't even sell off a small portion of the team without making mass headlines.
What a joke, and this is a franchise that believes it can re-sign Jose Reyes in the off-season. Even with Einhorn out of the pitcher the Wilpon's continue to sing the same ole song that they are not in financial ruin and that they can pay off the losses from the 2011 season. It is not known how much in ticket sales they Mets sold this year, but just by looking at the empty seats in Citi Field every night, it would be stunning if the Mets drew two million fans to the ball park this year.
The Einhorn is also a power play for the Wilpon's, another example why they have no intention of selling the bumbling baseball team anytime soon, if ever. Which means that the Mets will continue to stir in baseball hell for the next handful of years, until either the team turns it around on the field, or the Wilpon's finally give up and sell, or the lawsuits against the Wilpon's push them to the brink of utter financial Armageddon.
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