UPDATE: The New York Times confirms Adam Rubin’s report and adds that the deal being discussed between Einhorn and the Mets does not include SNY, which is the team’s television network. Einhorn didn’t say much during the conference call Thursday, but was adamant that he had “no interest” in owning a television station.
9:30 AM: Adam Rubin of ESPN New York reports that David Einhorn does indeed have a path to majority ownership with the Mets. Of course, that was the assumption all along, as it wouldn’t make much sense if he didn’t have that option, but the exact terms of the deal are a doozy.
Einhorn has agreed in principal to purchase roughly 33 percent of the team for $200 million, which will infuse cash and keep the organization solvent in the immediate future. In three years, according to the source, Einhorn has an option to up his stake to 60 percent, although principal owner Fred Wilpon and his family have an opportunity to block Einhorn from gaining that majority stake.
The source said the Wilpons can stop Einhorn from gaining the majority share essentially by returning Einhorn’s initial $200 million investment yet allowing him to keep the 33 percent share of the team.
So, basically, in three years either Einhorn will either have majority control of the Mets or get his initial $200 million investment back and still keep one-third of the team. Kind of makes you wish you had $200 million sitting around, right? Not only is this the best deal you’ll see this week (year?), but it also tells you how hard-up the Wilpons are for cash right now.
Tigers first baseman/DH Miguel Cabrera is being sued by a woman from Orlando, Florida who claims that he “unilaterally” reduced the amount of his monthly child support payments, Tony Paul of The Detroit News reports. Cabrera, who has three children with his wife Rosangel, also had two children with Belkies Mariela Rodriguez in 2013 and 2015.
Cabrera pays more than $6,200 per month in child support and helped Rodriguez purchase a nearly $1 million house. Rodriguez’s attorney calls Cabrera’s monthly payments “inadequate” because her children don’t quite have the same standard of living as Cabrera’s three children with Rosangel. Cabrera’s legal team accused Rodriguez of “embarking on a mission to extort additional moneys to be used for her benefit under the guise of child support.”
Cabrera, 34, signed an eight-year, $248 million contract extension with the Tigers in March 2014, which officially began in 2016. He made $22 million in 2014-15, $28 million in 2016-17, and will earn $30 million from 2018-21 and $32 million in 2022-23.
Along with reduced child support payments, Rodriguez alleges Cabrera left her “high and dry” when it came to monthly expenses with the house he helped her purchase.
Cabrera has requested that the judge recuse herself from his case, as her husband has a title with Rodriguez’s lawyers’ law firm following a merger. He is scheduled to be questioned under oath during a videotaped deposition on Thursday in Orlando. Rodriguez is scheduled for her deposition on Friday.
Cabrera is not the only player to find himself embroiled in such a case. Bartolo Colon was also sued for back child support for a “secret family” last year.