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JPMorgan Chase holding up Mets-Einhorn deal

The Mets face waiting to sell a minority stake in the team of David Einhorn is dragging on well past its scheduled closing date because the lender JPMorgan Chase is not to let the team structure to treat it as a loan, making it difficult to fill, The Post has learned.

"The Wilpons have a hard time with the banks," a source close to the talks said.

Fred Wilpon Sterling Equities, which owns the Mets, last week extended its exclusive negotiations with Einhorn after failing to reach an agreement by the deadline of June 30

Einhorn $ 200 million purchase of a 33 per cent in the franchise is losing money the Mets is structured as a loan - the investor in hedge funds to be paid back in three years with reduced its stake to about 16 percent.

JPMorgan Chase, which is due about $ 500 million per team, will not approve such an agreement, but its lending is served - refunded or restructured - before Einhorn.

In addition to oppose the transaction Einhorn, in recent months the bank has written a "hard" letter to Sterling saying that the Mets had failed in their loan in 13 different ways, according to the report, which saw the letter.

The bank did not put the team in default, but the letter he put on notice that the bank could more easily pursue this course in the future, the source said.

The Einhorn 43 years, if not repaid in three years, the opportunity to acquire a majority stake in the Mets at a predetermined price.

JPMorgan Chase group of ready-led said the Mets can not simply pay Einhorn back to retain its majority, at least if they intend to do so before June 30, 2014, when the loan matures, source with direct knowledge said.

Einhorn and wants to be paid back by then.

The Bank Group, which has the right to approve all loans to the team, wants a complete restructuring of $ 500 million-plus in debt as part of any plan to pay back Einhorn.

"I am very confident that this can not be a loan," the source said. "There needs to be complete recap."

With the Mets on track to lose $ 60 million this year, banks will probably want more than their loan repaid.

The Mets, to run a full summary and repay Einhorn, will probably need a new equity investor to get a done deal at that time, the source said.

Sterling, which also owns a majority stake in the profitability SportsNet New York (SNY) Network cable regional sports, planned to use free cash from that business to pay Einhorn, the source said.