The New York Mets sold a portion of its team to hedge fund manager David Einhorn on Thursday. The baseball team needed a partner and appeared to have stumbled to one with extensive financial wealth.
In a statement, the Mets said that Einhorn has agreed to join the team in a minority and non-operating investment in place of $200 million. Both parties hope final agreements will be reached by late June.
The agreement is subject to the Major League Baseball owner’s approval.
Einhorn, 43-years-old, is the president of Greenlight Capital, a private investment firm he also founded worth $1 million in 1996. They decided to officially announce the partnership to let everyone hear the news at once, and avoid leaks and other stuffs.
He considers the recent partnership as a personal investment. He has been a fan of baseball and has enjoyed teaching the game to her daughter’s Little League team as coach.
New York Met’s have been trying to deal with a lawsuit worth several millions of dollars. The lawsuit was filed by a court trustee. They wanted Met’s owners to repay $1 billion to the Madoff Ponzi scheme victims.
Fred Wilion, chief executive officer and chairman of the Met’s, said the team is very excited to have David join their ownership group. He said David’s investment instantly improves the financial position of the franchise.
Meanwhile, Einhorn said he is looking forward to collaborating with the Katz and Wilpon families throughout the entire seasons.