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So…the NY Mets ARE for sale after all

I take no pleasure in witnessing all the heartache generated by Bernie Madoff’s heinous crimes. His theft never should have happened on the scale it did; some investors have even committed suicide over their losses.

So when a front-office source from the New York Mets baseball organization told me in summer 2009, as the fallout from the Madoff affair cast a larger and larger pall, that the Wilpons, the long-time family owners of the team, would likely have to sell at some point, I didn’t expect it to create a firestorm. Which it did at the time.

Today, however, the Wilpons finally admitted what any business savvy person could have guessed: they’re willing to sell a minority stake in the Mets. I’m speculating that their business empire is pressed on both sides, likely from the Madoff trustee’s demands for a settlement/payback of Ponzi-profits and from lenders in their real estate business.

I’m only as accurate as my very best sources.

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2 responses

  1. John Knebels

    Erin – This is John Knebels, teacher and Green Arch newspaper moderator at Archmere Academy.
    The story of your meeting with the students will be published this coming Tuesday (4/26). Would you like me to send you a copy? Or it should be on our website sometime in the next few days.
    So . . . the Mets are hurting financially and need another investor. My gosh – would it have killed them to simply admit that that was the most likely scenario when they tripped all over themselves on live television?!
    But as you say, it is so damn sad that the whole thing has happened.
    Looking forward to hearing from you.

    John Knebels
    jknebels@archmereacademy.com
    jknebs@aol.com
    610-457-9537

    April 22, 2011 at 8:44 pm

    • John! sorry i didn’t see this comment because i had to approve it first. DUH! Yes I’m so looking forward to reading it. PLEASE send me a copy!

      April 26, 2011 at 8:32 pm

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