Why is Einhorn’s Mets Deal Taking So Long?
10:17 am, August 9th | by Amy Tennery
First he was the Mets’ savior. Then he was the Mets’ maybe-not-so-much hero. And now he’s back in business?
If there’s anyone who knows what the heck is going on with the David Einhorn Mets deal, they’ve certainly been keeping it under wraps.
But now, with news that hedge funder Einhorn’s deal might be back on — with some major alterations — one has to wonder: why has this deal become so complicated?
First, let’s back up: sources have told the New York Post that Einhorn’s deal to pick up a minority stake in the Mets has been significantly altered. For starters, his $200 million buy for 33 percent of the team will now be a half-cash, half-loan deal — and it’s only going to result in a 17-percent stake.
The complicated part of these negotiations, it would seem, has not been between Wilpon and Einhorn (let’s face it, Wilpon’s not exactly having an easy time right now and he’s plenty motivated to make a deal happen). The issue turns out to be between the team and its lenders, of which JPMorgan Chase has taken the lead. And it would seem that they’d like to see some of the Mets’ loans settled… stat.
“All interests are now aligned,” a source told the Post. For their sakes, let’s hope so.
Side note: can we all take a moment to appreciate the sheer, wonderful ridiculousness that is the Post’s art for this story? It looks like an Einhorn-Wilpon-Mr. Met bobble-head party on the 4th of July: