he Wilpons are broke, looking to sell stake in Mets ( I told U so )
I knew these bastards took a harder hit than they let on.
They're looking to sell 20-25% of the team to a partner.
http://www.nypost.com/p/news/local/m...ZD3UCsx1uICt2L
http://www.nydailynews.com/sports/ba...ider_sell.html
Blame Madoff: Wilpon Needs to Sell Part of Mets
By DEALBOOK
2:09 p.m. | Updated
Fred Wilpon, the chairman of the New York Mets, said Friday that he was seeking “one or more strategic partners” to buy a portion of the team and offset the uncertainty created by a lawsuit seeking to recover money from the multibillion-dollar Ponzi scheme run by Bernard L. Madoff, The New York Times reports.
Mr. Wilpon, Saul Katz, his brother in law and co-owner of the Mets, and their families had scores of accounts invested with Mr. Madoff — family trusts, real estate investment entities and an assortment of other business entities.
In December, the trustee for the Madoff victims, Irving H. Picard, sued Mr. Wilpon and Mr. Katz and their family investment company, Sterling Equities, seeking an undisclosed amount of money to compensate those who lost all or part of their savings and fortunes to Madoff.
A person involved in the Madoff cases said it was possible that Mr. Picard was seeking as much as $1 billion from Mr. Wilpon and Mr. Katz.
Mr. Wilpon asserted in a statement that he would not give up control of the Mets.
“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, we are looking at a number of potential options including the addition of one or more strategic partners,” the statement said.
“Regardless of the outcome of this exploration,” the statement concluded, “Sterling will remain the principal ownership group of the Mets and continue to control and manage the team’s operations.”
The Mets said they had hired Steve Greenberg, a managing director at Allen & Company, as an adviser.
They're looking to sell 20-25% of the team to a partner.
http://www.nypost.com/p/news/local/m...ZD3UCsx1uICt2L
http://www.nydailynews.com/sports/ba...ider_sell.html
Blame Madoff: Wilpon Needs to Sell Part of Mets
By DEALBOOK
2:09 p.m. | Updated
Fred Wilpon, the chairman of the New York Mets, said Friday that he was seeking “one or more strategic partners” to buy a portion of the team and offset the uncertainty created by a lawsuit seeking to recover money from the multibillion-dollar Ponzi scheme run by Bernard L. Madoff, The New York Times reports.
Mr. Wilpon, Saul Katz, his brother in law and co-owner of the Mets, and their families had scores of accounts invested with Mr. Madoff — family trusts, real estate investment entities and an assortment of other business entities.
In December, the trustee for the Madoff victims, Irving H. Picard, sued Mr. Wilpon and Mr. Katz and their family investment company, Sterling Equities, seeking an undisclosed amount of money to compensate those who lost all or part of their savings and fortunes to Madoff.
A person involved in the Madoff cases said it was possible that Mr. Picard was seeking as much as $1 billion from Mr. Wilpon and Mr. Katz.
Mr. Wilpon asserted in a statement that he would not give up control of the Mets.
“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, we are looking at a number of potential options including the addition of one or more strategic partners,” the statement said.
“Regardless of the outcome of this exploration,” the statement concluded, “Sterling will remain the principal ownership group of the Mets and continue to control and manage the team’s operations.”
The Mets said they had hired Steve Greenberg, a managing director at Allen & Company, as an adviser.
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And this aint no photoshop, BITCH!
And this aint no photoshop, BITCH!
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