The New York Mets will not have a savior after all. David Einhorn, who was poised to buy a minority stake in the team for $200 million, and the Mets could not come to an agreement and have closed their exclusive negotiating period.
According to Einhorn, the Mets tried to change what had already been agreed upon.
"The extensive nature of changes that were proposed to me at the last minute has made a successful transaction impossible."
In the original deal, the minority share that Einhorn was buying would become a majority if his original investment was not paid back in full.
Now the Wilpons will have to try and find another investor willing to write a sizable check for a minority piece of the team. A task that was difficult originally could be impossible after the way they moved the goal posts in their deal with Einhorn.
Fred Wilpon claims in a statement that there are other options going forward.
"We will engage with other individuals, some who have been previously vetted by Major League Baseball, along with other interested parties, regarding a potential minority investment into the franchise.
This deal falling through raises serious questions about their ability to commit a long-term deal to star SS Jose Reyes. Without an infusion of cash to help hold off creditors, there's no way to know if they will be able to make a competitive offer.
For his part, Einhorn thanked the Mets fans that were excited about the potential of him joining the franchise's ownership group.
"A good number of you have reached out to offer me encouragement. I will always be touched by the warmth that you showed me.”