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Impact on Maddoff and the Mets


Giants1027
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Last Friday, it was reported that Fred Wilpon’s Sterling Equities lost roughly $300 million to Bernard L. Madoff’s investment firm, as did a variety of charities, Steven Speilberg, Mort Zuckerman, New Jersey Sen. Frank Lautenberg, and others, in what federal authorities are describing as a $50 billion Ponzi scheme.

Meanwhile, in Newsday, Ken Davidoff says Mets GM Omar Minaya was recently told by Wilpon to keep ‘working on the team’s offseason renovation,’ despite the news.

“The Mets are completely self-sufficient, and we have confidence that none of the other investments will affect the team,” said Bob DuPuy, the president and chief operating officer of MLB, as quoted by Michael S. Schmidt in the New York Times.

“They have been one of our most successful franchises on and off the field, and they are going into a magnificent ballpark next spring, and we expect it to be business as usual.”

That said, Schmidt said people with knowledge of Wilpon’s business dealings are concerned that he and the team could encounter significant problems because of the reported fraud.

Schmidt concludes by writing, “Perhaps most troubling is the possibility that losses… may cause Wilpon to sell valuable assets, including a portion of his ownership in the Mets.”

As such, Martin Silver, a long-time Mets and and owner of Star Industries, told the Daily News he’s putting together a team of partners to make Wilpon a $600 million to $700 million offer to buy the Mets.

 

Per Metsblog.com

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Wilpon will spend to a point, but does not want to ever go over that budget. I would assume the money he lost is personal asset as opposed to say investing the teams or his companies money. 500 mil to Fred is nothing more than money for a rainy day. No worries, he and Jeff will not be eating dog food.

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