Report: David Einhorn Could Take Majority Control Of Mets… For $1

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…

  • Mandingo Myke O

    If The Mets are taking money from MLB why dosnt BUd do the right thing for Mets fans and TAKE THE METS !!!! SAVE US MLB !!!!

  • Derek Showerman

    The Wilpon’s should do the right thing for their fans and sell the team now. They cooked their own goose. It isn’t our fault they are in this mess, so they should sell. Let Einhorn come in and sign Reyes long term and build around him. It is the right thing to do, sell now Fred!

  • Marc Weiss

    It means the Mets lineup next year will make you long for the days of Steve Henderson, Bruce Boiclair and Nino Espinosa.

  • David Lewis

    If the plan is to hold out hope that $200 milion will get the Wilpons past the Madoff thing then they are missing the point. They were lousy owners when they were working the ponzi scheme. Now that it is over it is time for them to sell the team…the whole team.

  • dabooch

    Are you kidding, GOODBYE Jose’, David, Beltran,K rod, and anybody else that is making money. This is serious stuff, the Wilpon’s and Saul Katz must be destitute to sign a deal as such. Money Talks, or Kash is King.

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