Mets prepared to sell at least the minority stake in the team next month worth about $200 million but no extra bonuses. Mets owner wants to use the influx of money to help pay off some debts and other financial issues.
Einhorn will not be willing to sell his stake back to the Wilpons once they settle their money problems but also won't challenge them to get full control for at least a few more years.
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NEW YORK -- The cash-strapped owners of the New York Mets have agreed to sell a minority share of the team to hedge fund manager David Einhorn for $200 million.
The move, announced Thursday, would allow owners Fred and Jeff Wilpon and Saul Katz to retain control of the team. The influx of money would help pay debts and cover operating expenses.
A definitive agreement is expected by late June, according to the team.
The sale will be for less than 49 percent of the team and will not include a stake in SNY, the television network owned by the Mets, sources close to the deal tell ESPN's Karl Ravech.
Fred Wilpon told Sports Illustrated this week the team is "bleeding cash" and could lose up to $70 million this year. He also told the magazine the club might slash payroll next year. The Mets received a loan from Major League Baseball in November to help cover expenses.
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