David Einhorn is revising the terms of his $200 million investment in the New York Mets baseball franchise, Hedge Fund Net reports, citing New York Post. As per the new deal, half of the investment will be contributed for repaying a loan from Major League Baseball and bank debt.
The remaining will be used for the baseball team’s operating expenses. The hedge fund manager will now own only a 17% stake in the franchise, which was 33% initially. He will continue to have the right to buy a majority stake for a minimal amount if team owners Fred Wilpon and Saul Katz are unsuccessful in repaying the investment.