Discussions to Buy New York Mets Break Down

September 1, 2011

Discussions between the Wilpon family who have a shares in the the New York Mets and David Einhorn the hedge-fund manager trying to but the Major League Baseball team broke down after the former changed the terms of the contract Einhorn said.

“There were many, vcialis 40mg many proposed modifications, there ” Einhorn said on a conference call after the Mets released a statement saying the club was ending talks and exploring other options. “I was surprised to see that many of the basic provisions of our deal had been changed.”

Einhorn offered $200 million for a 33 percent stake in the Mets. The team’s principal owner, try Fred Wilpon, decided to sell a minority share to defray costs from a $1 billion lawsuit filed by the trustee representing investors who lost money in Bernard Madoff’s Ponzi scheme.

Einhorn, speaking on a conference call with reporters today, said the team initially agreed to include a provision that provided for pre-approval from Major League Baseball if he ever became the team’s majority owner, then reversed course.

After the Mets objected, Einhorn said he met with baseball Commissioner Bud Selig, who said it wouldn’t be a problem.

“Late last week, I learned that the Mets lobbied Major League Baseball to remove it from the agreement,” Einhorn said, adding that, under terms of the contract, he couldn’t gain majority control of the club without the Mets’ approval.