David Einhorn New York Mets

David Einhorn New York Mets

David Einhorn Looking to Buy Stake in New York Mets

Earlier this year there was talk that Steve Cohen was considering buying a stake in the New York Mets baseball team. Now, it appears that another hedge fund magnate, David Einhorn, has beat him to the punch. Einhorn is in talks to purchase a non controlling stake in the Mets worth $200 million.
But Mr. Einhorn — one of a handful of hedge fund managers followed by investors looking for the next smart play — insists that he spends far more time trolling through the bargain bin, looking for companies with potential that others have dismissed, then betting on their long-term revival.

On Thursday, in announcing that he has entered into exclusive negotiations to spend $200 million for a noncontrolling stake in the Mets, Mr. Einhorn, 42, may be making one of his most intriguing long-term bets yet.

The Mets, as their principal owner said in comments published this week, are lousy, snakebitten and bleeding cash, having lost $50 million last year alone. Attendance has plummeted at Citi Field, their expensive new ballpark in Queens. Perhaps most daunting, the trustee for the victims of Bernard L. Madoff’s Ponzi scheme has sued the team’s owners for $1 billion. Source

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