David Einhorn's Deal To Buy The New York Mets Is "Dead"

Richard Sandomir of The New York Times is reporting that David Einhorn's deal to buy a stake of the New York Mets is "dead."

Einhorn had been in talks for months to purchase one-third of the team for around $200 million.

There was speculation, however, the Einhorn was manuevering himself to be in a position to take over the whole franchise, should the Mets owners be unable to shore up their finances.

Owners Fred Wilpon and Saul Katz are being sued by the trustee for Bernie Madoff's victims. He wants to recover nearly $1 billion of what he claims were fraudlent profits they recieved from Madoff's accounts. The case is expected to go to trial, possibly next year.

Given that Einhorn was one of the few investors willing to work a deal with the Mets that did not involve ownership control of the team or a piece of their SNY cable network, the failure of this deal does not bode well for Wilpon or the team's financial stability.

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Source: http://feedproxy.google.com/~r/businessinsider/sportspage/~3/kXXTyzYoZDM/david-einhorn-mets-dead-2011-9

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