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    Saturday, May 04, 2024

    Mets’ prospective minority owner says deal is fair

    Hedge fund manager David Einhorn, who has agreed to buy a minority stake in the New York Mets, says the deal is a "win-win agreement" for both sides.

    Einhorn was at Citi Field on Monday to attend his second game in three days. Wearing shorts and a blue Mets cap, he answered questions on the field from reporters for about 3½ minutes during batting practice.

    The club's cash-strapped owners announced Thursday that they had agreed to sell a minority share of the team to Einhorn for $200 million. It was not revealed how much of the team Einhorn would own, and negotiations are ongoing.

    Since then, there have been conflicting reports about details of the deal - including a clause that would give Einhorn an opportunity in the future to purchase a majority share of the Mets.

    Einhorn would not disclose any such details, citing a confidentiality agreement, but said it's a fair deal and he hopes it will be completed in the next few weeks. He said some of what's been reported is inaccurate.

    "Let me just say this: When the agreement first came out, or the discussion that first came out, there was a lot of reaction that this was a very one-sided agreement in favor of the Wilpons. And now as other stuff, much of which is not correct, has come out, there's a lot of you (reporting) that the agreement is very one-sided in favor of me. And I think both of those characterizations are wrong.

    "This agreement I think is a fair agreement. It's a win-win agreement," Einhorn said. "It covers a lot of the basic goals that I was hoping to achieve in the negotiations. I think it achieved a lot of the basic goals that the Wilpons were trying to achieve in the negotiations and I think it sets us on a path to a very good partnership going forward."

    The deal would help alleviate some of the financial woes plaguing Mets owner Fred Wilpon, chief operating officer Jeff Wilpon and president Saul Katz. The ownership group is being sued by the court trustee seeking to recover money for victims of the Bernard Madoff Ponzi scheme. The trustee wants the group to repay $1 billion to Madoff's victims.

    - The Associated Press

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