Wilpon's Losses in Fraud Case May Affect Mets (Times link)

SPORTS / BASEBALL

Wilpon’s Losses in Fraud Case May Affect Mets 

By MICHAEL S. SCHMIDT

Published: December 14, 2008

The Mets’ owner, Fred Wilpon, had invested hundreds of millions of dollars with Bernard L. Madoff, who has been charged with running a $50 billion Ponzi scheme.

"Interviews Saturday with several people with knowledge of Wilpon’s business dealings revealed concern about significant problems that Wilpon and the Mets could encounter because of the reported fraud. Although it is unclear how much money Wilpon may recoup, any significant financial loss by a team owner raises questions about how those losses may affect the franchise."

"Perhaps most troubling is the possibility that losses incurred by Sterling Equities could put pressure on Wilpon to raise money by selling other assets. Because Sterling invested money directly with Madoff, Wilpon may have to come up with money to reimburse some of his own investors for losses. That may cause him to sell valuable assets, including a portion of his ownership in the Mets.
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The Mets Police at www.metspolice.com