Mets Say Deal Is Off With Hedge Fund Manager
Thursday, September 01, 2011
The owners of the New York Mets said Thursday that the deal to sell a minority stake in the club to hedge fund manager David Einhorn for $200 million is off.
In a statement Thursday, the ball club said the two sides were unable to reach an agreement. The deal was first announced in May.
The Mets have been embroiled in a legal and financial battle linked to investments with Ponzi scheme architect Bernie Madoff. A court trustee trying to recover losses for victims of the scam has been trying to recoup money from the Mets.
The influx of money from Einhorn would have helped pay debts and cover operating expenses.
Fred Wilpon, head of the Mets ownership group, said the team will now talk to others about investing in the team.
With the Associated Press