The New York Mets announced today that they had chosen David Einhorn, the president of hedge fund Greenlight Capital as a limited partner.
Einhorn will pay $200 million for a minority share in the team, and is expected to have the first option to buy a majority stake if the present owners, Fred and Jeff Wilpon, and Saul Katz, decide to sell.
Fred Wilpon, Chairman & Chief Executive Officer for the New York Mets said, "We are very excited about David joining our ownership group for several reasons. David's investment immediately improves the franchise's financial position. Equally important, David's intelligence, integrity and success in both business and civic affairs provides us with another perspective in evaluating what is best for this organization and our fans, and we welcome his input. In partnership with David, we look forward to achieving our ultimate goal of again becoming World Series champions."
After the announcement, David Einhorn said in a statement, "Having an opportunity to become part of the Mets franchise is exciting beyond my wildest childhood dreams. I spent my first seven years living in New Jersey and rooting for the Mets. In 1975, I even dressed in a homemade jersey as a Met for Halloween. I have been a baseball fan for my entire life and have enjoyed teaching the game as the coach of my daughter's little league team. I look forward to partnering with the Wilpon and Katz families through the good seasons, the tough seasons and especially the championship seasons."
The Mets said Einhorn's stake is a "non-operating investment," and that they expect to enter a definitive agreement by late June. The deal requires the approval of Major League Baseball.