NEW YORK (WFAN) – It appears David Einhorn is back on track to become the Mets’ minority owner.
Nearly two months after announcing a $200 million agreement in principle with the franchise, Einhorn, whose exclusivity deadline with New York had expired, suddenly found himself among other bidders Wednesday.
First, Forbes’ Mike Ozanian reported commodities trader Ray Bartoszek, the reported runner-up to Einhorn, was to visit with Mets owner Fred Wilpon to discuss “revisiting the possibility of becoming a minority owner.”
WFAN’s Mike Francesa said there were three parties bidding against the hedge funder.
Well, the smoke has cleared — and Einhorn is back in exclusive negotiations with the club.
“We are in exclusive negotiations with David Einhorn,” the team said in a statement Wednesday, “and continue to have positive and productive discussions regarding David’s ongoing interest in an investment in the Mets.”
One source told the New York Daily News: “(Einhorn) thought he had them over a barrel.”
What barrel? It could be an alleged clause in the agreement that would potentially give Einhorn control of the Mets for $1. Yep, a buck.
Forbes reported last month that if the Mets’ embattled 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,” Ozanian wrote yesterday, “the implication is that Wilpon is looking to replace Einhorn with someone he can cut a more favorable deal.”
If the Mets pay Einhorn back his investment, he would still reportedly own one-sixth of the franchise — if they ever ink a pact.
“Late this afternoon they popped into action,” another Daily News source said. “It was a by-product of what came out.”
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