Check back here for updates and live reaction:
11:33: Well, we begin by hearing Einhorn won’t answer any questions about the terms of this transactions. So with that, little that is useful will come of this.
11:36: Okay, both reporters and Einhorn ignoring that warning. Einhorn said he’s hoping deal will be completed by end of June, and is a personal investment.
11:39: Einhorn keeps stressing that this is a personal experience he’s buying into-no specifics about the way the team is run. Generally, that they will improve financially over time. And there’s truth to that, obviously- if he can hold on through a majority change, good chance new owner will want to invest heavily in his team.
11:41: More to that point- talked about how most of his investment opportunities “are on the long side.”
11:47: He’s not allowed to go into the structure of it. So those details will not come from this call. He talked about having no interest in SNY. But as previously reported, keep in mind that the New York Post reported that the terms of the debt against SNY meant Sterling cannot make a profit from selling their stake in SNY, and that Comcast has first right to buy any of it. So that was never on the table.
11:49: Einhorn had a one day at a time response to a question about his interest in buying a majority share. The right to do so is likely at the crux of negotiations to come, you’d think.
11:52: Hopefully, Einhorn’s positive words about Sandy Alderson mean he really will be supportive of him if he takes control down the line. But Einhorn continues to stress that this is a personal investment, whatever that means.
11:57: Again, Einhorn talks about holding this investment for a very long time. Given Picard, that sure sounds like betting on the next owner, even if it isn’t Einhorn himself. Not a crazy thought, given the financial advantages of New York’s lone National League team.
12:01: Question to ask: will he own Mets independent of the Wilpon control?
12:02: So Einhorn’s best friend was Bud Selig’s next door neighbor. Small world, isn’t it? That’s the end of the call.