NEW YORK (AP) — The owners of the New York Mets thought they had found their white knight. After months of what appeared to be friendly negotiations with a potential minority owner, though, the cash-strapped organisation is left still looking for help.

The team said Thursday that the sale of a stake in the Mets to hedge fund manager David Einhorn for $200 million has fallen through, denying the flagging franchise the money needed to repay a loan from Major League Baseball and bolster its operating capital.

Mets owners will now try to sell shares of up to $20 million to family members and other potential investors without risking the possibility of losing a controlling interest in the team, according to a person familiar with the club’s plans. The person spoke to The Associated Press on condition of anonymity because the negotiations were not public.

In a statement, the Mets’ ownership group, led by Fred Wilpon, said it has “provided additional capital to cover all 2011 losses and is moving forward with the necessary resources to continue to operate the franchise.”

“We are very confident in the team’s plans — both off and on the field,” Wilpon said.