The New York Mets sold less than 49 percent of the team to David Einhorn, president of Greenlight Capital Inc. The hedge-fund manager will officially own his share of the team when Major League Baseball approves the transaction.
The Mets lost $51 million last year and are forecast to lose $70 million this year. The owners of the team, Sterling Enterprises, led by the Wilpon family, lost $500 million in the Bernie Madoff fraud scandal, leaving the baseball team in a teetering posture. Major League Baseball lent $30 million to the Mets late last season amidst a cash-flow emergency.
I look forward to partnering with the Wilpon and Katz families through the good seasons, the tough seasons and especially the championship seasons, Einhorn said.