Hedge fund manager David Einhorn has agreed to a $200 million purchase of a minority, non-operating stake in the New York Mets, the team announced Thursday. The sale is still subject to Major League approval.
"We are very excited about David joining our ownership group for several reasons," said Fred Wilpon, Chairman & Chief Executive Officer, New York Mets. "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."
This move may strengthen the Mets' financial position, but Fred Wilpon's damage to the pysche of his team, not to mention the leverage of Sandy Anderson's ability to manage the roster, has already been done. What remains to be seen is whether Alderson is able to move players like Jose Reyes and David Wright when everyone on this side of the planet knows the team needs to free up capital, or if this influx of cash is enough to stop the bleeding.
Both parties look to "enter into definitive agreements by late June."