Mets' biggest bust

by Maris6161 on Feb 2, 2011 8:20 AM MST

No, it's not Oliver Perez. It's Bernie Madoff.

The Mets' brass is meeting with the Commissioner about the team's finances, having already announced that a 25% interest in the team is for sale to raise cash. The Wilpons are also fighting in bankruptcy court to keep sealed the lawsuit that the Madoff trustee filed against them, not wanting the details to go public. The Mets were also suspiciously quiet in the offseason when it came to big-name free agents. Translation: they're short of cash.

Like the Dodgers, longterm moves by the Mets now appear to be dependent on lengthy litigation. Both teams are somewhat hamstrung at the moment.

I feel very sorry for most of Madoff's victims. But this is the Mets. Bwhahaha.

They should fire Mr. Met & auction off his baseball head to raise $$$.

Eat. Drink. Be Merry. But the above FanPost does not necessarily reflect the attitudes, opinions, or views of Purple Row's staff (unless, of course, it's written by the staff [and even then, it still might not]).

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I think this situation is much uglier than the public knows right now

Despite not knowing the Wilpon’s exact finances, we have some pretty big clues as to how bad this has gotten which Maris6161 outlined above. Anytime nothing but bad news is coming out of a story and the people involved are doing anything they can to keep anymore information from going public, you know things are dire.

A big market team with that many holes wouldn’t be this silent in the offseason unless something big was going on.

58 more days until the Rockies Home Opener!!!!!!!

by RhodeIslandRoxfan on Feb 2, 2011 12:03 PM MST reply actions

I did that post before I read the story in this morning's Wall St. Journal

It says the Mets team is carrying more than $400 million in debt, including large debt the Wilpons took on to buy out a former partner.

It also says the full amount the Madoff trustee is seeking from Wilpon-related entities is $300 million, including $47.8 million for 2 accounts associated with the Mets.

The Rangers sold for more than $600 million last year in the midst of debt problems, so the Mets franchise is probably worth more than that (larger market, though shared) & the owners still have a lot of equity in it, but the pendency of that litigation is going to limit their flexibility for awhile. No spending sprees like the Yankees, Red Sox, Cubs or the Mets when they brought in Omar Minaya.

TuLO + UbalDO + CarGO = LODO GO

by Maris6161 on Feb 2, 2011 12:18 PM MST up reply actions

And then we can give them Dinger

great idea

You can't sit on a lead and run a few plays into the line and just kill the clock. You've got to throw the ball over the goddamn plate and give the other man his chance. That's why baseball is the greatest game of them all. ~Earl Weaver
Baseball fans love numbers. They love to swirl them around their mouths like Bordeaux wine. ~Pat Conroy
JFK

by jrockies on Feb 2, 2011 4:14 PM MST reply actions