Source: David Einhorn, Mets talking

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

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

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. 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

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.
Follow Adam on Twitter »  Chat archive »



  • Jurassic Park
    The so-called dinosaur Nets got the Game 1 victory in Toronto.
  • Solarte Surprise
    Yangervis Solarte has been sensational for the Yankees so far this season.
  • Happy Duda Day!
    You'll be seeing a lot more of Lucas Duda at first base with Ike Davis gone.
  • Things Could Get Messy
    Forcing Geno Smith into an open competition threatens to stunt his growth as a QB.
  • Complete Control
    The Rangers dominated the Flyers in Game 1 thanks to stickhandling and skill.