NEW YORK (WFAN) – Move over David Einhorn, there might be another Mets minority owner waiting in the wings.
Einhorn and the Mets announced in May that they had agreed to a deal in principle that would infuse $200 million into the struggling franchise. As reported by the New York Post, the two sides had yet to reach an official pact by the June 30 legal exclusivity deadline.
According to Forbes’ Mike Ozanian, commodities trader Ray Bartoszek, the reported runner-up to Einhorn, will visit with Mets owner Fred Wilpon on Wednesday to discuss “revisiting the possibility of becoming a minority owner.”
So what’s the holdup in Einhorn’s stake?
It could be a clause in the agreement that would potentially give Einhorn control of the Mets for $1. You read that right. A buck.
Forbes reported last month that if the Mets’ owners — Wilpon, his son Jeff and Saul Katz — don’t repay Einhorn’s investment within three years, the hedge funder could up his ownership stake to 60 percent for the “strike price” of $1.
“If my source is correct,” wrote Ozanian, “the implication is that Wilpon is looking to replace Einhorn with someone he can cut a more favorable deal.”
And if the team’s cash-strapped owners pay Einhorn back? He would still reportedly own one-sixth of the franchise — if they ever ink a deal.
What do you think of the Bartoszek report? Sound off in the comments below…