Mets say deal is off with investor David Einhorn
(AP) - The New York Mets owners say their deal is offto sell a minority stake in the team to hedge fund manager DavidEinhorn for $200 million.
The team said in a statement Thursday the two sides were unableto reach an agreement after months of negotiations. The deal wasfirst announced in May.
The Mets' ownership group, led by Fred Wilpon, has been stuck ina legal and financial mess stemming from investments with Ponzischemer Bernie Madoff. A court trustee trying to recover losses forvictims of the scam has been trying to recoup money from the Mets.
The Mets got a loan from Major League Baseball in November. Theinflux of money from Einhorn would have helped pay debts and coveroperating expenses. MLB must approve the deal.
Wilpon says the Mets will now talk to others about investing inthe team.