Wednesday, June 15, 2011

What Can You Get for $1? Apparantly a Majority Stake in the Mets

You can get a bottle of water for $1. But can you also get a 60% stake of the Mets?

According to Forbes, you can. Last month, Einhorn, the MLB, Fred Wilpon and Saul Katz reached a deal in which Einhorn pays the $200 million for a 1/3 stake in the team. He would also have the right to obtain a 60% interest unless Wilpon and Katz returned the $200 mil, in which case, Einhorn would still own 33% percent of the team.

The strike price for a 60% stake in the team? Just $1.

However, some sources familiar with the deal are calling it hogwash, especially the part about buying a 60% stake for $1. The team has also refuted these reports.

Whatever deal the Mets and Einhorn have reached, it has been sent to the MLB for review.

I'd like to believe that it'd be this easy for Einhorn to gain control of the team. Pay $1 more and own 60% of a baseball team. If it was that easy, I'd personally give Einhorn the dollar. But that's just nonsense.

I have to wonder if Forbes knows what they're talking about sometimes. First, they value the team at -$225 million. Yes, that's negative two hundred and twenty five million dollars. Now they're saying this guy Einhorn can buy the Mets for $200,000,001. Only negative 24,999,999 dollars until we break even.

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