Source: David Einhorn, Mets talking

Updated: July 7, 2011, 4:35 PM ET
By Adam Rubin | ESPNNewYork.com

LOS ANGELES -- The sale of a minority share in the New York Mets to hedge fund guru David Einhorn is progressing but likely will not close until August, a source familiar with the deal told ESPNNewYork.com.

The source added that while Einhorn's window for exclusive negotiating with principal owner Fred Wilpon and family has expired, the sides are moving toward a final agreement that is not expected to get sidetracked. Speaking at Citi Field in late May, Einhorn expressed optimism the sale would be completed in June.

"Things are proceeding smoothly," the source said. "It's just taking longer than expected."

Einhorn intends to purchase a minority share of the Mets for $200 million. ESPNNewYork.com has reported Einhorn will receive one-third of the team for that sum.

Einhorn has the option to up his percentage to roughly 60 percent in three to five years. That option can be blocked by the Wilpons if they return Einhorn's $200 million. Einhorn then would retain one-sixth ownership of the team.

Adam Rubin covers the Mets for ESPNNewYork.com.

Adam Rubin has covered the Mets since 2003. He's a graduate of Mepham High School on Long Island and the Wharton School of the University of Pennsylvania. He joined ESPNNewYork after spending 10 years at the New York Daily News.
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