"A New York Treasure" --Village Voice

Mets Minority Partner Madness

Remember when there were all those rumors swirling about how much money the Mets had invested with Bernie Madoff, and how that could impact their ability to run the team? And the Wilpons kept saying, nope, it would have no effect at all? Well, today they issued a statement:

As Sterling Equities announced in December, we are engaged in discussions to settle a lawsuit brought against us and other Sterling partners and members ofour families by the Trustee in the Madoff bankruptcy. We are not permitted to comment on these confidential negotiations while they are ongoing.

However, 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 ofpotential options including the addition of one or more strategic partners. To explore this, we have retained Steve Greenberg, a Managing Director at Allen & Company, as our advisor.

Regardless of the outcome of this exploration, Sterling will remain the principal ownership group of the Mets and continue to control and manage the team’s operations. The Mets have been a major part of our families for more than 30 years and that is not going to change.

As Craig at Hardball Talk notes, this is pretty similar to what Tom Hicks said about his Rangers back in the day – and things didn’t quite work out the way he’d planned. Can the Mets find someone who’ll be willing to invest significant amounts of money without gaining any control? If not, would they consider selling the team outright, if they got the right offer?

Depending, of course, on who they might theoretically sell the team to, it could actually end up being a good thing for the Mets – the team has had certain issues over the years, with organization and finance and general PR, that have persisted regardless of who the GM or manager was. But in the short term, it’s not good news – it’s very hard for an organization to make bold moves, or to spend much money, when ownership is uncertain.

Start saving your money, gang! If we all put in $100…

Actually, I’ve had a longstanding fantasy about what I would do if I owned a baseball team. Note that even if I were to win the lottery, I STILL wouldn’t be able to afford to do that, but we’re just daydreaming here. I’d move a team to Brooklyn, where the Nets’ new eyesore of a Stadium is going (as long as we’re fantasizing), and keep ticket prices low, and have weird funny Bill Veeck-like promotions and giveaways, and sell lots of women’s team gear that wasn’t pink or sparkly, and hire as many knuckleballers and players with amusing names as possible, and…

Sorry, I got distracted. Point is, things will likely be pretty challenging in Flushing for the next few years.

Photo via Real Clear Sports

Categories:  Baseball  Emma Span  Games We Play

Tags:  fred wilpon  jeff wilpon  New York Mets

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11 comments

1 bags   ~  Jan 28, 2011 4:52 pm

I haven't followed this closely but if I remember right the issue isn't that the Mets lost a lot of money with Madoff. It is that they MADE a lot of money with Madoff. And now they are being sued by other folks who lost.

So when Wilpon said a year or so ago that they hadn't lost significant money, he was telling the truth.

And now they are still screwed.

2 williamnyy23   ~  Jan 28, 2011 5:21 pm

[1] That essentially right, but ultimately, making money with Madoff was just a temporary circumstance, and Sterling had to know that eventually they'd be forced to forfeit those profits. It's really hard to say, but the extent to which this lawsuit goes really could determine their ability to operate the team going forward.

3 Mets Mess : baseballmusings.com   ~  Jan 28, 2011 5:21 pm

[...] The Mets may need to raise some money due to a lawsuit that arose from the Madoff scandal. After reading the story, I really want Emma Span to own the team. Actually, I’ve had a longstanding fantasy about what I would do if I owned a baseball team. Note that even if I were to win the lottery, I STILL wouldn’t be able to afford to do that, but we’re just daydreaming here. I’d move a team to Brooklyn, where the Nets’ new eyesore of a Stadium is going (as long as we’re fantasizing), and keep ticket prices low, and have weird funny Bill Veeck-like promotions and giveaways, and sell lots of women’s team gear that wasn’t pink or sparkly, and hire as many knuckleballers and players with amusing names as possible, and… [...]

4 Chyll Will   ~  Jan 28, 2011 5:46 pm

I’d move a team to Brooklyn, where the Nets’ new eyesore of a Stadium is going (as long as we’re fantasizing), and keep ticket prices low, and have weird funny Bill Veeck-like promotions and giveaways, and sell lots of women’s team gear that wasn’t pink or sparkly, and hire as many knuckleballers and players with amusing names as possible, and…

Just buy the Brooklyn Cyclones, swap them out with the New York Liberty roster and call it a night...

5 Raf   ~  Jan 28, 2011 6:19 pm

Somebody needs to get Mark Cuban a MLB team.

6 Evil Empire   ~  Jan 28, 2011 8:53 pm

Who knew John Sterling had his own equity company?

"Mad Money from Madoff, Suzyn"

7 thelarmis   ~  Jan 28, 2011 9:59 pm

[5] Cuban was the very first thing i thought of ...

[0] Emma - ooh, how bout hiring a full-time percussionist?! (don't forget to include benefits for me, thanks.) i can play nice 4-mallet classical marimba when needed and any kind of loud drum stuff. hell, i'll just sit there and 'stir the soup' with brushes on a snare drum, for quiet/classy jazz.

i can start anytime. is it okay if i wear my Yankees gear? oh, and i'd like to hang out with Mookie Wilson. thanks.

8 Simone   ~  Jan 29, 2011 6:02 am

"...sell lots of women’s team gear that wasn’t pink or sparkly..."

I am so there with you on this one, Emma.

9 Raf   ~  Jan 29, 2011 9:55 am

I'd sell plenty of pink and sparkly women's gear. If that's what they want, why not cater to them?

10 FlyGirlFan   ~  Jan 29, 2011 8:39 pm

[8] Thank you, thank you, thank you! Emma for President!

11 The Mick536   ~  Jan 29, 2011 8:56 pm

Its Saturday night, late for this post, listening to replay of Bill mahr. hear what he said about baseball?

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"This ain't football. We do this every day."
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