MANHATTAN — A Manhattan hedge-fund manager who tried to purchase a minority stake in the financially ailing New York Mets will not get the $200 million deal he was looking for, according to reports.
David Einhorn reportedly tried to make an investment in the cash-strapped team, but the deal fell through because the the Mets and Einhorn could not agree on terms, according to a statement from Fred Wilpon, one of the team's owners.
“We are very confident in the team’s plans — both off and on the field,” Wilpon said in a statement, according to the New York Post.
“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," the statement continued.
The team has been looking for loans to stay afloat since its owners announced it was $500 million in debt earlier this year.
But owners Wilpon and Saul Katz, who claimed they were the victims of of the Bernard Madoff Ponzi scheme, have been trying to avoid intervention from MLB.
On Thursday the owners assured the public they have the team's finances under control and are working toward other outcomes.
“Ownership has provided additional capital to cover all 2011 losses and is moving forward with the necessary resources to continue to operate the franchise," they said, according to The Post.
"[We] will explore other strategic transactions and [are] under no financial pressure to do a deal on any particular schedule.”
The team is reportedly expected to lose $70 million this season and lost more than $50 million last season.
The Mets are currently third place in the National League East division with 65 wins and 69 losses.
