NEW YORK (WFAN) – Last month at Citi Field, David Einhorn said his agreement to become minority owner of the Mets was a “win-win” for both sides.
Einhorn may have underestimated his end.
According to Forbes, if the Mets’ owners — Fred Wilpon, his son Jeff and Saul Katz — don’t repay Einhorn’s $200 million investment within three years, the hedge funder could up his ownership stake to 60 percent for the “strike price” of $1.
You read that right. A buck.
“Though the deal is not final and is subject to the approval of MLB,” wrote Forbes’ Mike Ozanian, “its terms underscore the desperation of Wilpon and Katz, whose team is swimming in debt, bleeding cash and losing fans.”
What if the team’s embattled owners pay Einhorn back? He would still reportedly own one-sixth of the franchise.
The Mets’ ownership group is being sued by Irving Picard, the court trustee seeking to recover $1 billion for victims of the Bernard Madoff Ponzi scheme.
The club received a loan from MLB in November. The flood of cash from Einhorn would help cover operating expenses and pay debts.
Mets fans: what do you think of the Forbes report? Sound off in the comments below…