A fascinating report by Forbes.com today, citing a banker familiar with the agreement struck by Sterling Equities (current owner of the Mets) and David Einhorn. Apparently, in exchange for the $200,000,000 in cash now, Einhorn has the right to increase his stake in the team from 33 percent to 60 percent in three years for $1.
The deal underscores just how desperate the situation has become from Fred Wilpon and company. But let’s take it from a silver-lining, Mets future perspective.
This sets a pretty clear deadline for when David Einhorn, a masterful Wall Street titan with the kind of money that can finance the stylings of a New York baseball team, is acquiring the team without requiring the kind of cash outlay or debt accumulation that could get in the way of such spending.
In other words, this doesn’t help much with Jose Reyes. But Einhorn might just be the guy to buy out Ike Davis’ free agent years. And he certainly will be the guy, barring some miraculous change in fortune, signing the check to keep Brandon Nimmo in Queens. Now, it is up to Nimmo to make himself worth that long-term deal.