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Einhorn Gone, But Endgame Still the Same



By Mike Silva ~ September 1st, 2011. Filed under: New York Mets.

There is good news regarding the Mets ownership situation. Regardless of what transpired today, the endgame for Wilpon ownership in the Mets will be very soon. On the same day that Fred Wilpon told the media how “confident he was in the Mets plan on and off the field,” despite the $200 million dollar ownership deal with David Einhorn falling through, Adam Rubin of ESPN NY reported the “Wilpon and family will sell small blocks of the team to multiple family members and friends that add up to roughly the same amount.” Basically Wilpon is looking to put a financial band-aid on a wound that needs reconstructive surgery.

If the solution to their financial problems was this easy why didn’t they do this in the first place? Why go through this vetting process with MLB? Why drag out this charade for eight months? The answer is simple; the Wilpons know they are going to lose the team. The only way to execute this “Hail Mary” was to hope they received an angel loan disguised in the form of a minority partner. Perhaps in the cash flush days of the dot com nineties this could happen. In the recession world of 2011 businesses are looking for ROI, not an opportunity to hang out with athletes and entertain clients in a suite. Not for $200 million dollars. Essentially Wilpon wanted to take away Einhorn’s pre-approval for majority ownership. This would make it difficult for Einhorn to take over the team even if the terms of the deal dictated as much. In the MLB world of anti-trust exemption two plus two equals eight. Unfortunately, for the Fred Wilpon, that fuzzy math is not what made David Einhorn a success in the financial sector.

The sad part of this is that Bud Selig is aiding and abetting the process. We haven’t heard an official statement from MLB, but be rest assured it will match the Wilpon talking points from earlier today. Even more tragic is that Mets fans will be dragged through the mud as this vicious cycle of lies, deceit, and backroom deals continues.

David Einhorn was the perfect man to take over this team. He’s intelligent, transparent, and most important, flush with cash. An angel for the fan base so to speak. This angel was the devil for the Wilpons. They knew he was setting them up for the inevitable- loss of their beloved franchise. The transition would have been so perfect that it was hard to believe it to be true; which it turned out not to be.

So what’s next? Who knows? The story changes almost daily. Fool me once shame on me, fool me multiple times… well you get the point. You now have to seriously wonder what this roster will look like come next April. Is a $100 million dollar payroll feasible? Remember, Alderson thought he was dealing with a budget between $120- $140 million earlier in the season. That tune has changed since Fred Wilpon’s late April comments in Sports Illustrated. This probably also signals the beginning of the end of Jose Reyes’s tenure in New York. Do you really think Fred and ten of his buddies are going to come up with $200 million in cash? Even if they do, that doesn’t give them the long term stability necessary for sign a 5 to 7 year deal in the neighborhood of $120 to $140 million dollars.

Not a good day for Mets fans, but don’t worry this charade won’t last forever. Even the great Madoff eventually was caught. The unfortunate part is I can’t tell you when the endgame will arrive. With Einhorn it was on the horizon. With Wilpon and Selig driving the car it could be for a little while longer. The good news is this charade isn’t sustainable and will result in a new Mets owner in the near future. Even Bud Selig and his anti-trust exemption can’t stop that.

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Mike Silva has hosted sports shows on 107.1 FM Champions ESPN Radio Long Island ,1240 AM WGBB , Blog Talk Radio and live from Mickey Mantle’s Restaurant. He’s also built and maintained two popular social media hubs: New York Baseball Digest and Sports Media Watchdog. Mike has broken national and local stories, as well as been mentioned on the YES Network, SNY.tv, WFAN, Sports Illustrated, ESPN, NY Daily News, New York Magazine, Journal News and the NY Post. Contact Mike professionally at mikesilvamedia.com

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7 Responses to Einhorn Gone, But Endgame Still the Same

  1. LongTimeFan

    What a hunk of junk you’ve written here, Mike.

  2. Mike Silva

    What is off base Long Time Fan? I don’t see how the Wilpons keep the team without an angel loan – and even then it’s a patch on a massive wound.

  3. Geoff

    This is a blow to Mets fans. David Einhorn represented an opportunity for the New York Mets to be rescued from the dreadful mis-management of Fred Wilpon, Jeff Wilpon and Saul Katz. Einhorn was savvy enough to have the agreement structured such that if the financial heath of the Mets did not improve within a designated period of time, that he could assume majority control of the franchise. Obviously Fred / Jeff Wilpon and Saul Katz tried to strike this from the agreement at the 11th hour to avoid the likelihood that they would lose majority control of the team.

    The Wilpon / Katz group, Sterling Enterprises, have made business decisions (Madoff) that were either criminal in nature, or at least unethical and demonstrate incredibly bad judgment. In either case, these decisions have had a huge negative impact on the Mets and demonstrated that Wilpon and Katz should not be allowed to run a MLB franchise.

    Too bad that the commissioner of baseball, Bud Selig is a buddy of Fred Wilpon and as such will not be placing the Mets under the stewardship of Major League Baseball as he has done with the LA Dodgers, until such time as a new, competent ownership group can be selected to run the Mets.

  4. Geoff

    The friendship between Fred Wilpon and Bud Selig should be revisited in light of recent decisions. MLB acquiesced to a request by the Wilpon / Katz crew to alter the terms of the David Einhorn agreement at the 11th hour. MLB removed the advance-approval of Einhorn as a team owner.

    This follows a pattern of differential treatment of Wilpon and the Mets from other franchises such as the LA Dodgers. This inconsistency is curious and bears further examination by attorneys representing David Einhorn’s and Frank McCourt.

    Baseball has a long sordid history of impropriety but this is ridiculous.

  5. tnt1528

    this is totally off topic but its about the mets somewhat..what was gary cohen saying about where he lives in conn.? i dont live there so have no idea about hurricane problems he is going thru.. all i heard was i left the wife with no power and then he blasted conn utilities company or something.

  6. Mike Silva

    Tnt

    There are part of the suburbs still without power. Gary’s neighborhood finally got power last night!

  7. Mike I

    Actually, Madoff was never caught. He was turned into the authorities by his sons, wish the Wilpons would do the same with the Mets.

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