26
2011
Mets Announce David Einhorn As New Minority Owner
An article by Hojo's Mojo
The Mets have just announced that hedge fund manager David Einhorn, has invested $200 million in the team.
“We are very excited about David joining our ownership group for several reasons,” said Fred Wilpon in a team press release. “David’s investment immediately improves the franchise’s financial position. Equally important, David’s intelligence, integrity and success in both business and civic affairs provides us with another perspective in evaluating what is best for this organization and our fans, and we welcome his input. In partnership with David, we look forward to achieving our ultimate goal of again becoming World Series champions.”
Mr. Einhorn stated, “Having an opportunity to become part of the Mets franchise is exciting beyond my wildest childhood dreams. I spent my first seven years living in New Jersey and rooting for the Mets. In 1975, I even dressed in a homemade jersey as a Met for Halloween. I have been a baseball fan for my entire life and have enjoyed teaching the game as the coach of my daughter’s little league team. I look forward to partnering with the Wilpon and Katz families through the good seasons, the tough seasons and especially the championship seasons.”
According to Jon Heyman, the $200 million dollars will probably purchase somewhere around 25% of the team.
MLB will have to approve the choice, but being he is not a control owner, the vetting process is simply a formality and it should easily be approved in the next day or two.
Mr. Einhorn is President of Greenlight Capital, Inc., a private investment firm which he co-founded in January 1996, and is Chairman of the Board of Greenlight Capital Re, Ltd. Along with his wife, Mr. Einhorn formed the Einhorn Family Charitable Trust, whose mission is to help people get along better. He also serves on the Board of Directors of The Michael J. Fox Foundation for Parkinson’s Research and the Robin Hood Foundation.
About the Author: Rob Johnson
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NL East Standings
| Team | W | L | Pct. | GB |
|---|---|---|---|---|
| Braves | 23 | 18 | .561 | - |
| Nationals | 23 | 19 | .548 | 0.5 |
| Phillies | 20 | 23 | .465 | 4.0 |
| Mets | 16 | 24 | .400 | 6.5 |
| Marlins | 11 | 31 | .262 | 12.5 |
Last updated: 05/18/2013
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nice guy.not a superstar hedge fund manager according to fred wilpons scouting review.
LMAO!!!!
Good luck to the new partner, he sounds like a solid choice.
This does absolutely ZERO for the Mets. All this does is help keep Wilpon in control for the next decade. I dont really understand the excitement at all. He doesnt have any decisions power except to pick the wall color in his private bathroom.
Just a few words to welcome David Einhorn and his family to the Mets. I’m taking the Mom approach here – I was sold when I heard that he’s the coach of his daughter’s Little League team – that means he knows all the rules – as well as loving and respecting the game. I’m sure his daughter does, too.
David – I wish you good luck as you join the “Mets Family”.
I liked that until I found out he makes them bunt.
Hopefully as “a life long Met fan”, Einhorn will help revert the Mets back to BLUE AND ORANGE! Ditch the black Wilpon. The 90′s are over.
Oh yeah sure. The only reason they chose this Greenhorn character is because he’s a spineless wimp with $200 million to throw around.
Can’t disagree with that.
If Einhorn was such a spineless wimp, he wouldn’t have the guts to call out Microsoft CEO Steve Ballmer to step down.
“His continued presence is the biggest overhang on Microsoft’s stock,”
switch Microsoft with the Mets, and you could say that he is referring to the Wilpons and will figure out a way to take over the Mets in the future.
Well you don’t have to be ballsy or a genius to call out Balmer’s running of Microsoft! LOL
The Selig relationship here is the key.
Einhorn is the safe play here, He has the money, He is close to Selig so if the Wilpons actually lose the case Bud has his BUD in place.
Selig’s wost nightmare will be that someone will buy the Mets and try to move them. That would be a big mess! Wilpon can’t sell the network to anyone but his partner Time Warner right now. Thats the way Networks are made, I know this for a fact I am in that business.
So anyone who buys the team has no reason to keep them here. And before you go saying well NY is the biggest market in america why would they move it consider this.
In the biggest market in america they do not sell out and lose 70 Mil a year!
So that biggest market really isn’t showing up enough to make it worth staying in!
Where do they move to? Its always better to stay in an established market than to try to break in a new one. Especially when the established market is #1 in the world.
Besides, the NY on their hats makes them way more valuable than any other letters.
Someplace where the tourists don’t go see the other team because they play better?
Whats more valuable, A small market where you make 1 Mil a year or a large market where you LOSE 70 Mil?
The large market is only large if it actually goes to a game!
We are drawing like the Pirates, Chicago out draws us!
Philly is a MUCH smaller market than we are and they sell out!
The POTENTIAL market is moot if it doesn’t go to the games!
Why does a team like the Braves never have a problem with money?
Is it because if you want to see baseball you have a choice of going to see the Braves or the Braves?
Same for Philly!
Other than the hardened fanbase of both the majority of NY doesn’t really care which team they go and see if all they want to do is go to a game have a few dogs and hang out with friends.
And right now the Yankees are getting that business. If someone were to buy the team and not have the Network as an incentive to stay then it is just as likely they will take the team to a market that they don’t have to compete with the yankees.
If you want the turnstiles to turn, you have to put a quality product on the field. Field a competitve team and you will have fannies in the seats. The Mets are all about having an NL presence in NY. It will sell as long as the team is in contention. The current ownership is treating the franchise as a small market operation and that is what they are reaping.
He’s a legitimate financial guy, he grew up a Mets fan. There’s no reason for any Met fan to say sour things regarding this. It’s what is best for the franchise. Cohen is a potential SEC target and would have made things much worse.
he’s (wilpon) basically borrowing money from this guy to pay his debt and pray to god irving picard doesn’t win the lawsuit, and to that i’d say GO IRVING!!!!!!!
Good Timing!
Well that will solve thier loans from the MLB issue and if they can stay near .500 the attendance will pick up and lower that 70 Mil loss number.
So now that the ownership issue is resolved the only thing to wait and see now is what happens at the trading deadline.
Also worth mentioning is the fact this deal is gonna be signed and sealed prior to June is a big deal. The Mets will now have a better idea of where they stand in terms of finances for the future and will be able to make more educated decisions on players like Jose Reyes
you mean on jose reyes, beltran is a goner and so is krod, so once they get rid of bay then our payroll will be fine
I would rather have Wilpon family SELL totally than keep team. How much of a say does he get for 25%.
Uhhh 25%? LOL WHich really eans NONE, He gets to say whatever he wants but no one has to listen to him with only 25% stake…
This is actually a smart buy in for Einhorn (Or is it Finkel?)…
He now is poised to buy control if the WIlpons are forced to sell and even if that price is too steep he will make back that 200Mil plus by selling his 25% to whever buys it from the Wilpons.
I think this pretty much helps the Wilpons keep the team though. This will pay back the loans and pay for the losses of this year, Next year a lot of money comes off the book, (could be over 70 Mil) which would mean as long as attendance remains the same as it is now they won’t lose money and start anew from that point.
Trading Deadline will tell us what we need to know about the future of the organization.
Only thing that can force them out now is losing the Madoff case. And I have to say losing there seems highly unlikely. If it was a slam dunk then they would have settled by now!
You Met fans are a bunch of tools. At the end of the day you’re still the same choke artists you’ve been for the last 5 years, even worse.
Go back under the bridge you came from, dipshit.
Lol, wow.. i don’t get why fans from other team post in mets blogs, or fans from the mets get upset when idiots from other teams make comments like the one above