Friday, August 28, 2009

Mets Owner May Have Lost as Much as $700 Million in Madoff Scam

Fred Wilpon, the owner of the New York Mets, will be forced to sell the baseball franchise as soon as 2010 after incurring heavy Bernie Madoff-related investment losses, according to Erin Arvedlund, author of "Too Good to Be True."

"You can quote me. It's a matter of when. It could be as soon as next year," Averlund told MarketWatch's Jon Freidman.

Averlund wrote a piece for Barron's way back in 2001 suggesting that there were questions about Madoff's trading activities that weren't being properly disclosed by him.
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She estimates the Wilpon family may have lost as much as $700 million on Madoff-related investments.

A Mets spokeswoman said on Thursday by e-mail to Marketwatch:
The numbers speculated continue to be inaccurate. We refute what has been reported. As we have said on numerous occasions, losses incurred by the Sterling Partners do not and will not affect the day-to-day operations and long-term plans of the Mets organization. The team is not for sale in any respect." Wilpon's Sterling company controls the Mets franchise.
With a bit of psuedo accuracy, Forbes has put the value of the Mets at $912 million.

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