by Andrew JohnsonFiled under: Mets, MLB Biz, Sports Business and Media
The New York Mets announced that they are looking for "strategic partners" as they continue to feel the financial pressure of a lawsuit brought against Sterling Equities -- Fred Wilpon's real estate investment firm, which also owns and operates the Mets -- by the trustee of victims of Bernie Madoff's Ponzi scheme.In a conference call with the media, Fred and son Jeff said they are looking to sell up to 25 percent of the team, perhaps to multiple stakeholders. Citi Field and SNY, which are also owned by Sterling, will not be part of any deal, however.
"At the outset I want to emphasize what we are discussing today has not or will not affect the Mets day-to-day operations and control," Fred Wilpon told reporters. "Let me stress, at the end of the day we may or may not do anything."
We have known for quite some time that the Wilpon family was connected to Madoff, who defrauded investors of billions of dollars before he was arrested in 2008. We have also known since late 2010 that the Wilpons were being sued by that trustee, Irving Picard, a sign that the family actually profited as a byproduct of Madoff's scheme.
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Source: http://mlb.fanhouse.com/2011/01/28/mets-searching-for-strategic-partners-with-madoff-lawsuit-ongo/
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