Mets Deny ESPN Report On Einhorn Deal, But New Sources Corroborate It

An article by posted on May 29, 2011

Yesterday, Adam Rubin of ESPN New York, reported that new Mets partner David Einhorn has an opportunity to become the majority and principal owner of the Mets in three years.

“Einhorn has agreed in principal to purchase roughly 33 percent of the team for $200 million, which will infuse cash and keep the organization solvent in the immediate future. In three years, according to the source, Einhorn has an option to up his stake to 60 percent, although principal owner Fred Wilpon and his family have an opportunity to block Einhorn from gaining that majority stake.”

The source told Adam that the Wilpons can prevent Einhorn from gaining majority control by essentially returning Einhorn’s initial $200 million investment. Einhorn will still be allowed to keep his 33 percent share of the team.

Shortly after the ESPN New York report, the Mets responded with a statement:

“While we have entered into an exclusive negotiating agreement with Mr. Einhorn, there is uninformed speculation regarding terms of a potential deal. The details of the actual negotiations are strictly confidential.”

However, different sources backed up Rubin’s account to the New York Times, the Daily News and the Wall Street Journal.

In response to the Mets statement, Adam Rubin says they’ve made misstatements before.

Meanwhile, the Mets new minority partner was in attendance last night with his family at Citi Field. “It was beautiful — absolutely fantastic,” Einhorn said of Citi Field. “All is good.”

He later met with manager Terry Collins. “He said he was real excited to be here,” Collins said.

Einhorn told reporters it was “way beyond a dream come true’’ to potentially be part of team ownership

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