NEW YORK – The New York Mets owners say their deal is off to sell a minority stake in the team to hedge fund manager David Einhorn for $200 million.
The team said in a statement Thursday the two sides were unable to reach an agreement after months of negotiations. The deal was first announced in May.
The Mets' ownership group, led by Fred Wilpon, has been stuck in a legal and financial mess stemming from investments with Ponzi schemer Bernie Madoff. A court trustee trying to recover losses for victims of the scam has been trying to recoup money from the Mets.
The Mets got a loan from Major League Baseball in November. The influx of money from Einhorn would have helped pay debts and cover operating expenses. MLB must approve the deal.
Wilpon says the Mets will now talk to others about investing in the team.