NEW YORK, May 26 (UPI) -- Hedge fund manager David Einhorn has purchased a minority stake in the New York Mets for $200 million, the team confirmed Thursday.
The sale, which does not include the team's profitable SNY cable network, must be approved by Major League Baseball and the Mets said they expected a definitive agreement by late June, The New York Times reported.
"We are very excited about David joining our ownership group for several reasons," Fred Wilpon, the Mets' principal owner, said in a statement released by the team. "David's investment immediately improves the franchise's financial position. Equally important, David's intelligence, integrity and success in both business and civic affairs provides us with another perspective in evaluating what is best for this organization and our fans, and we welcome his input."
The team lost $51 million last season and said it expects to lose $70 million this season. In addition it has hundreds of millions of dollars in debt, causing a number of prospective buyers to drop out of the negotiations.
Einhorn, president of Greenlight Capital, emerged as the likely buyer Wednesday.
"Having an opportunity to become part of the Mets franchise is exciting beyond my wildest childhood dreams," Einhorn said in the Mets' statement. "I spent my first seven years living in New Jersey and rooting for the Mets."
