Friday, August 28, 2009

Wilpon's Going To Sell?

In an article in Reuters & NY Times, it is being reported that the Mets are in such a financial situation that they will need to sell the Mets.

It has long been speculated that the Sterling Enterprises and the Wilpon's lost close to $700M in the Bernard Madoff Ponzi scheme, and it has put a strain on the running of the Mets.

Both Fred and Jeff Wilpon have maintained that whatever happened with Madoff has no bearing on the Mets. It was soley investments by Sterling Enterprises.

The article speculates that the Wilpon's might need to sell the Mets by next year. Quoting Erin Arvedlund, author of "Too Good to Be True," : "It's qualified by when," she said. "It's possible they would have to sell by next year."

The following is taken from the Reuters & NY Times article:

"Some bankers have speculated the Wilpons would be forced to sell all or part of the Mets, while others said a sale of part of the Mets cable TV channel SportsNet New York was more likely."

This past April the Mets were valued at $912 M. Only the Yankees rank higher in value.

With a price tag in that neighborhood, it is difficult to believe that any one individual has that sort of capital to purchase the team, which leaves coporate America to vie for the Mets.

Wonder what Bill Gates is doing...

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