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Einhorn Deal With Mets Is Off

September 1, 2011
Einhorn, Wilpon Battle to 0-0 Tie. David Einhorn and the Mets have ended negotiations to sell a minority share of the team to the hedge-fund manager.  Mr. Einhorn said that the terms of the original agreement had just changed too much to go through with the deal.  Sources say the path to control was just too much of an obstacle. According to the Mets:  "After months of negotiations, the parties were unable to reach agreement, and the Mets ownership has decided to explore other options." The Mets have encountered significant financial difficulties, in part because of their investments in the Ponzi fraud run by Bernie Madoff, and the deal with Einhorn was seen as a way to provide the Mets with necessary money to pay back a multimillion-dollar loan from Major League Baseball, among other obligations. The Mets also said the team had "additional capital to cover all 2011 losses" and was "moving forward with the necessary resources to continue to operate the franchise and was under "no financial pressure" to arrange a different deal by a particular deadline.  [NY Times, 9/1/11]