A Mets fan wish: Fred Wilpon, please sell the Mets and get out from under Madoff debts
I know this is wishful thinking, but sometimes wishes do come true. Fred Wilpon’s Sterling Equities announced that they are in the process of seeking limited partners to buy minority interests in the New York Mets.
I’d wager that 10 out of 10 Mets fans would hope, beg, or pray that some filthy rich individual like Donald Trump or Mark Cuban would give the Wilpons an offer they couldn’t refuse.
I know this is wishful thinking, but sometimes wishes do come true. Fred Wilpon’s Sterling Equities announced that they are in the process of seeking limited partners to buy minority interests in the New York Mets.
I’d wager that 10 out of 10 Mets fans would hope, beg, or pray that some filthy rich individual like Donald Trump or Mark Cuban would give the Wilpons an offer they couldn’t refuse.
But, Mike Francessa of WFAN stated today on the radio that he’s been told by Fred Wilpon on more than one occasion that he intends to pass the team to his grandchildren.
That’s his right, it’s his property to do as he wishes.
However, long suffering Mets fans who live in the shadows of the New York Yankees and the millions they spend year after year to put a winner on the field, think otherwise.
The New York Post reports that Mets owners on Friday said they’re considering selling 20-25 percent of the team to "strategic partners" because of the financial uncertainty created by the lawsuit filed against them by the trustee in the Bernie Madoff bankruptcy case.
Fred Wilpon said the decision to offer part of the team was not made under pressure from Major League Baseball.
"At the outset I want to emphasize what we are discussing today has not and will not affect the Mets day-to-day operations and control," the Mets CEO said.
"Let me stress, at the end of the day, we may or may not do anything."
Jeff Wilpon, the team's COO, said the offer does not include interest in SNY or Citi Field.
The team said in a statement they have hired investment bank Allen & Co. to explore alternatives, including adding “one or more strategic partners.”
Adviser Steve Greenberg said he expects "robust interest" in the part of the team available, which could be worth over $200 million.
Last spring, Forbes estimated the Mets were worth $858 million, third in baseball behind the Yankees ($1.6 billion) and Red Sox ($870 million).
While Sterling Equities, the entity that is the Mets’ principal owner, is working to settle the suit, it wants to “address the air of uncertainty created by this lawsuit, and to provide additional assurance that the New York Mets will continue to have the necessary resources to fully compete and win.”
The Mets finished 2010 with baseball’s sixth-highest payroll at $127.6 million in going 79-83. They have not attempted to sign any top free-agents, instead adding pitchers Chris Capuano ($1.5 million) and Chris Young ($1.1 million).
In December, Irving Picard, the bankruptcy trustee trying to recover cash for Madoff's victims, sued Sterling Equities, which was a big Madoff client.
The suit, filed under seal in Manhattan bankruptcy court, did not state how much of Madoff's phony investment gains Picard was looking to claw back from Sterling but previous court filings hint that Wilpon's wallet could be $48 million lighter should Picard win.
More details here
I think the Wilpons are in worse shape than their letting on. They can’t pay back 50 million? That doesn’t even get you a decent #3 starter.
Time will tell.
