So the Fred Wilpon has found his knight in shining equities markets, David Einhorn.
Einhorn claims to be a childhood Mets fans, which should already endear him to Mets fans sick of having a Dodgers nostalgist as the sole owner. "Having an opportunity to become part of the Mets franchise is exciting beyond my wildest childhood dreams,” Einhorn said in a statement.
Amazingly, early reports say that Einhorn will take no part of ownership in the SNY cable-network, the most lucrative part of the Mets operation. He told reporters in a conference call that "It was never of interest to me." Unfortunately, the $200 million in cash that Einhorn brings will be used almost entirely to service debts that the Wilpons have acquired.
The initial reaction from Forbes writer, Nathan Vardi is full of speculation:
Einhorn runs Greenlight Capital, a very successful hedge fund that is known for making daring and contrarian investments. By purchasing the Mets, Einhorn may believe the team has reached bottom not only in the baseball standings, but financially as well. The team drew only 2.6 million fans last year and is on track to attract even fewer fans this year, but not long ago the annual attendance was well above 3 million–Einhorn may believe it will be again once the team overcomes its current on-the-field problems.
This is merely a confirmation of Wilpon's biggest selling point: there is only one National League team in New York, there probably never will be another one in our lifetimes.
Interesting that this is the second time this week that Einhorn has been in the news. Earlier this week, this equities prince demanded the head of Microsoft Chairman Steve Ballmer. It would be nice to have a voice like this in the ultra-staid company of other baseball owners.
Einhorn said something else in his conference call with reporters today: "I think the Wilpons are the control holders of the team. I'm just looking forward to the overall experience this investment will lead to." This absolutely confirms the view of Wilpon, shared with reporter Jeffrey Toobin in the New Yorker that owning a baseball team changes the way you are perceived in your other businesses.