tag:blogger.com,1999:blog-38267603298792846852023-11-15T05:54:12.125-08:00sls900Unknownnoreply@blogger.comBlogger1125tag:blogger.com,1999:blog-3826760329879284685.post-45675706750453525862011-09-04T02:26:00.001-07:002011-09-04T02:26:41.812-07:00New York Mets and David Einhorn end investment talks<p class="introduction" id="story_continues_1">Famous US baseball team the New York Mets have ended talks with hedge fund manager David Einhorn about a possible funding of $200m (£124m) in the club.</p> <p>Mr Einhorn, of Greenlight Capital fund, said the Mets had imposed changes which would have made any deal to give him a minority stake in the team impossible.</p> <p>The club said an exclusivity period of negotiations with Mr Einhorn had expired and would not be extended.</p> <p>The Mets faces a $1bn lawsuit connected to the Bernard Madoff Ponzi-scandal.</p> <span class="cross-head">New stadium</span> <p>Irving Picard, the trustee seeking money for victims of Madoff's fraudulent scheme, wants $300m from the Mets owners' investments with Madoff.</p> <p>He is seeking a further $700m from the alleged failure of Fred Wilpon, Saul Katz and other Mets executives to recognize Madoff's fraud.</p> <p>The lawsuit comes on top of ongoing financial problems at the Mets, despite moving to a new upmarket stadium, Citi Field, in 2009.</p><p></p><p id="story_continues_2">However, attendance have fallen and the team has been losing tens of millions of dollars a year.</p> <p>"A week ago, I thought this deal was in great shape and thought it would close very soon," Mr Einhorn said.</p> <p>The 42-year-old added: "We are finished here, we are done with this transaction."</p> <p>Mr Einhorn, whose hedge fund firm oversees about $7.8bn in investments, is a long-time fan of the Mets, who won the World Series in 1969 and 1986.</p> <p>"We are very confident in the team's plans - both off and on the field," said the Mets' Fred Wilpon in a statement. </p> <p>"We will engage with other individuals, some who have been previously vetted by Major League Baseball, along with other interested parties, regarding a potential minority investment into the franchise."</p><p></p>Unknownnoreply@blogger.com0