Saturday, May 28, 2011
Source updates terms of ownership deal
By Adam Rubin
The source who told ESPNNewYork.com about the terms of the David Einhorn ownership deal with Fred Wilpon and family has offered one updated term of the still-to-be-finalized deal.
If Einhorn in three years tries to gain the 60 percent stake and is blocked by the Wilpons -- who would need to return his $200 million investment to prevent the takeover -- then Einhorn's staked is diminished from 33 percent to roughly one-sixth. The source said the discrepancy from Friday is because the terms are still fluid.
So, in essence, for the opportunity cost of investing his $200 million for three years, Einhorn would walk away with a minimum of one-sixth of the the team.
Read the full, updated news story here.