Mets agree to sell minority interest in team
Wednesday, May 25, 2011
NEW YORK (AP) -- The owners of the New York Mets have agreed to sell a minority share of the team to investor David Einhorn for $200 million.
The announcement Thursday would allow financially strapped owners Fred Wilpon and Saul Katz to retain control of the team and give them money to help pay debts and cover operating expenses.
Einhorn is president of the private investment firm Greenlight Capital, Inc.
The Mets said in a statement that Einhorn will be a "preferred partner" and have a "nonoperating investment" in the team.
The Mets say the deal is subject to the "negotiation of a mutually acceptable definitive agreement" and needs the approval of Major League Baseball.