Wilpons' prepared to sell part of New York Mets franchise
Met fans may soon get their wish.
Fred and son Jeff Wilpon announced Friday that they are considering selling off 20-25 % of their team in light of a lawsuit that claims the Wilpons made money in the Bernie Madoff scandal two years ago.
Rumors were that the Wilpons lost over $400 million in the scandal and furnished the main reason why the team had to cut its losses and not spend much the past two seasons.
However, the lawsuit indicates the Mets made $48 million on the Ponzi scheme, and that the Mets invested $523 million, then withdrew $571 million in accounts.
If the Wilpons sell, it will be a great day for Mets fans.
For far too long, Mets fans have watched the Mets front office purchase only the cheapest of players, as well as throw money at utter trash, i.e. Oliver Perez and Luis Castillo. This off-season, the Mets have done very little in spending to improve a team that looks destined for a second straight year of failure.
Nonetheless, consider a 25 % investment into the Wilpons' stake is not going to make a lot of waves in the team's moves. Think of it as shareholders; everyone buys a stock, some have 20 %, some as little as 1 or 2 %. As long as the Wilpons remain majority owners, this franchise is in big trouble. All Met fans can do now is hope and pray that eventually the Wilpons sell 25 % to a buyer with enough clout and money to buy their remaining shares and become majority owner.
Fred and son Jeff Wilpon announced Friday that they are considering selling off 20-25 % of their team in light of a lawsuit that claims the Wilpons made money in the Bernie Madoff scandal two years ago.
Rumors were that the Wilpons lost over $400 million in the scandal and furnished the main reason why the team had to cut its losses and not spend much the past two seasons.
However, the lawsuit indicates the Mets made $48 million on the Ponzi scheme, and that the Mets invested $523 million, then withdrew $571 million in accounts.
If the Wilpons sell, it will be a great day for Mets fans.
For far too long, Mets fans have watched the Mets front office purchase only the cheapest of players, as well as throw money at utter trash, i.e. Oliver Perez and Luis Castillo. This off-season, the Mets have done very little in spending to improve a team that looks destined for a second straight year of failure.
Nonetheless, consider a 25 % investment into the Wilpons' stake is not going to make a lot of waves in the team's moves. Think of it as shareholders; everyone buys a stock, some have 20 %, some as little as 1 or 2 %. As long as the Wilpons remain majority owners, this franchise is in big trouble. All Met fans can do now is hope and pray that eventually the Wilpons sell 25 % to a buyer with enough clout and money to buy their remaining shares and become majority owner.
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