The Mets' said a final agreement is expected by late June, and that MLB would have to approve any sale. "David's investment immediately improves the franchise's financial position," Fred Wilpon, the Mets' chairman and chief executive officer, said. "Equally important, David's intelligence, integrity and success in both business and civic affairs provides us with another perspective in evaluating what is best for this organization and our fans, and we welcome his input."

New York-based Greenlight Capital manages $7.8 billion in assets. "Having an opportunity to become part of the Mets franchise is exciting beyond my wildest childhood dreams," Einhorn said in the news release, adding that his desires to be part of the Mets went back to when he dressed up in a Mets' jersey for Halloween 35 years ago. "I look forward to partnering with the Wilpon and Katz families through the good seasons, the tough seasons and especially the championship seasons."

As the Mets try to sort out their own overhang from the Madoff fraud, they still carry $427 million in debt, and could lose as much as $70 million this year, Wilpon was quoted as saying to Sports Illustrated in a story this month.

In liquidating Madoff's business, trustee Irving Picard seeks recovery of $295 million in alleged phony profits made by Sterling Equities Inc., the team ownership group that Wilpon and Mets co-owner Saul Katz set up. Picard also seeks as much as $700 million in principal. Wilpon and Katz have said they were duped by Madoff.