The likelihood of David Einhorn completing his deal for a minority share of the Mets has been ebbing and flowing, but it appears to have finally flowed. Or, er, maybe it’s ebbed. The good one, I mean, whichever that one is. Screw it, here’s Richard Sandomir in the New York Times:
The Mets’ deal to sell a minority stake in the team for $200 million to David Einhorn, a hedge fund manager, is finished except for completing the deal’s paperwork, said one person briefed on the sale.
The parties have apparently appeased J.P. Morgan, which had complained about the deal earlier and wanted to ensure that it got paid first. Also a contributing factor: the Mets unloaded Carlos Beltran, and his depressing, loser persona that has infected everything the Mets have tried to do for years is no longer around to make everything crappy.
The last part of that is just speculation, of course, based on stuff I read in another Times article.
Even Drellich of The Athletic reports that the Boston Red Sox are cutting the pay of team employees. Those cuts, which began to be communicated last night, apply to all employees making $50,000 or more. They are tiered cuts, with people making $50-99,000 seeing salary cut by 20%, those making $100k-$499,000 seeing $25% cuts and those making $500,000 or more getting 30% cuts.
Drellich reported that a Red Sox employee told him that “people are livid” over the fact that those making $100K are being treated the same way as those making $500K. And, yes, that does seem to be a pretty wide spread for similar pay cuts. One would think that a team with as many analytically-oriented people on staff could perhaps break things down a bit more granularly.
Notable in all of this that the same folks who own the Red Sox — Fenway Sports Group — own Liverpool FC of the English Premier League, and that just last month Liverpool’s pay cut/employee furlough policies proved so unpopular that they led to a backlash and a subsequent reversal by the club. That came after intense criticism from Liverpool fan groups and local politicians. Sox owner John Henry must be confident that no such backlash will happen in Boston.
As we noted yesterday, The Kansas City Royals, who are not as financially successful as the Boston Red Sox, have not furloughed employees or cut pay as a result of baseball’s shutdown in the wake of the COVID-19 pandemic. Perhaps someone in Boston could call the Royals and ask them how they managed that.