MLB - Sports Rumors

Thu Oct 22, 2009 8:44 am EDT

Madoff could still cost Mets millions

By Mark J. Miller

New York Mets owner Fred Wilpon was old pals with mega-con man Bernie Madoff and he and his friends had a whole lot of dough tied up in Madoff's supposed investments. Since Wilpon, his various companies, and his friends lost beaucoup bucks when Madoff finally fessed up, there had been a lot of speculation that the Mets would have to spend less cash this off-season.

The team has repeatedly said that its finances hadn't been affected by the Madoff fiasco and that everything was on track for more big spending this off-season for the team that ended up 23 games out of first in the National League East when the regular season closed up shop this year. That may have been true but things have possibly changed. The Mets were actually the recipients of around $50 million in actual funds from Madoff's supposed investments. Now folks who got scammed by Madoff and made absolutely nothing are filing "clawback" suits in attempts to get back their money that was never invested, according to the New York Post. The money the Mets received never actually came from investments. It was the cash of those asking Madoff to invest.

Bottom line: the Wilpons and the Mets may have some financial hardships this off-season that were previously unpredicted. And that won't exactly help them land Matt Holliday(notes).

Source: New York PostNew Window

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235 Comments

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  1. str A's hooter
    1. Posted by str A's hooter Thu Oct 22, 2009 8:57 am EDT

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    Looks like the Mets have some house cleaning to do. Might be a good time to unload a bunch of apparantly bloated contracts of unproductive players, such as Delgado and Beltran.
  2. Vermont T
    2. Posted by Vermont T Thu Oct 22, 2009 9:12 am EDT

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    I wouldn't unload Beltran, but I sure would Omar and Manuel!
  3. Artist formerly known as Evil Empire!
    3. Posted by Artist formerly known as Evil Empire! Thu Oct 22, 2009 9:40 am EDT

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    Morning strA - Delgado is already a free agent so they dont have to worry about him anymore. Beltran I would keep and Wright and Reyes are a good combo though many Mets fans want to see Reyes moved for more talent. I think Ollie was mistake for the price so if anything trying to move him is up on the list. Mets have some money to go after Holliday since Delgado's 16 mil is out and I bet they decline Putz's option at 8.6 mil but I think they should be more reserved with their money.
  4. fireguy
    4. Posted by fireguy Thu Oct 22, 2009 9:42 am EDT

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    Delgado is gone anyway, via FA, Beltran is a productive player if healthy, along with Reyes. Where we need help is pitching, front and back end. Yeah, Holliday would be nice, but we have a very good outfield with Pagan, Beltran, & Francour, so why pursue another outfielder. We need, pitching, pitching, & more pitching. Maybe spend some money on first base, but if Murphy can settle into that spot, and be productive there, spend what precious money we have on pitching, and reload the minors. If we do those things, we should be productive and competetive again in 2010.
  5. str A's hooter
    5. Posted by str A's hooter Thu Oct 22, 2009 9:51 am EDT

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    Good morning, Artist
    Big game tonight. Hoping Anaheim can extend it a few more days.
    You're right about keeping Wright and Reyes. Beltran might be good trade bait. I believe his production is declining and is slowing down a bit. He wants to be on a winner, also.
  6. Scooter
    6. Posted by Scooter Thu Oct 22, 2009 9:51 am EDT

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    Fire guy #4
    I agree that the Mets pitching is more of a concern, but I wouldn't go so far as to say the Mets have a very good outfield with Pagan, Beltran, and Francouer. Pagan is a 4th OF and Francouer has to put up numbers over a full season. They need a professional left fielder.
    Yankees suck.
  7. Scooter
    7. Posted by Scooter Thu Oct 22, 2009 9:58 am EDT

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    Manuel and Reyes need to go.
  8. Scooter
    8. Posted by Scooter Thu Oct 22, 2009 10:04 am EDT

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    Probably a wise business strategy to throw around some money this offseason. They're going to take a hit at the box office if they don't do something.
  9. The Real Deal
    9. Posted by The Real Deal Thu Oct 22, 2009 10:22 am EDT

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    Problem is they did throw some money around---to Bernie Madoff., and well--he made off with it.
  10. davfied
    10. Posted by davfied Thu Oct 22, 2009 10:30 am EDT

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    Morning Artisto & Hooter,
    This should make lrg very happy********. I guess after this season nothing surprises her. She is a good kid. Even though she roots for the wrong NY team. (**********)
  11. The Real Deal
    11. Posted by The Real Deal Thu Oct 22, 2009 10:47 am EDT

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    Good morning Comrade,
    No troops yet for Afghanistan, all being deployed against FOX News?
  12. Artist formerly known as Evil Empire!
    12. Posted by Artist formerly known as Evil Empire! Thu Oct 22, 2009 11:07 am EDT

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    Morning davfied and Real
  13. scott
    13. Posted by scott Thu Oct 22, 2009 11:08 am EDT

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    Real, looks like Fox is now an emeny of the state. If that is the case, I'm taking Grecthen Carlson as a prisoner.
  14. NorCalJon
    14. Posted by NorCalJon Thu Oct 22, 2009 11:27 am EDT

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    Scott # 13 LMAO....
    If were taking dibs on Fox News employess I call dibs on Anne Coulter. My kid dropped a toy into our heating duct the other day, and I need someone who can fit in a 6" X 12 " space.
  15. scott
    15. Posted by scott Thu Oct 22, 2009 11:41 am EDT

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    Jon, to bad you don't live closer, I have all kinds of cool stuff that could work.
  16. BIG DIRTY
    16. Posted by BIG DIRTY Thu Oct 22, 2009 11:51 am EDT

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    The problem with this argument is this - lets say even if the mets have to giv back $50 mil. They just had a very succesful year at their new stadium. They drew well over 3 million this year nad made a killing with concessions and all. The profit just off the new stadium would allow for the Mets to spend. If the Mets want to get the bad taste out of thier fans mout especially with a Philly v Yankee world series next week, they will spend. That is good business and the wilpons have been in the money making business for years.
    Plus there is about $20 million plus coming of the books.
  17. smurt
    17. Posted by smurt Thu Oct 22, 2009 12:06 pm EDT

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    beautiful $hitifield, the house that bernie built...
  18. Artist formerly known as Evil Empire!
    18. Posted by Artist formerly known as Evil Empire! Thu Oct 22, 2009 12:12 pm EDT

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    Morning Scott - Good luck tonight.
  19. JOHN G
    19. Posted by JOHN G Thu Oct 22, 2009 12:19 pm EDT

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    Despite all the Coupon silliness you hear - the Wilpons have and will, IMHO, continue to spend. Makes no sense to save 20-30 mil on payroll and then draw a million less people.
    I'm sure they can get capital in a number of places - with team appraised at $900 million and drawing 3 million in a losing year - not to mention TV - they are smart enough to know this is not the time to get frugal.
    20 mil net coming off the books and another 10 mil should be enough to plug a couple of holes. And as bad as things seem right now - a SP and a good bat could be enough to make a big difference.
    What a nightmare - Yanks vs Phillies. Oy! - I think I have to root for the Yanks. Both fan bases are disgusting but I am from New York and I actually know a couple of Yankee fans who are not complete jerks - well, maybe one.
  20. TedT
    20. Posted by TedT Thu Oct 22, 2009 12:40 pm EDT

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    Its time to blow up the Mets. Keep Wright and Santana and build the team around them. Everyone else can go.
  21. Artist formerly known as Evil Empire!
    21. Posted by Artist formerly known as Evil Empire! Thu Oct 22, 2009 12:53 pm EDT

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    Mets need pitching for sure. Reliable pitchng at that. No more projects or hopefuls. Its time to for them to get established pitching
  22. marc s
    22. Posted by marc s Thu Oct 22, 2009 1:13 pm EDT

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    Don't worry about the Mets and Wilpon. They have PLENTY of money. No one knows how muuch was lost. All they know is what false papers said the funds were worth. The Mets are profitable, as is the Wilpons real estate development company.
    The Mets will spend plenty this off-season as they ALWAYS do. Not sure how Freddie got the name Freddie Coupon. For not signing Guerrero?It was a risky proposition then, and it didn't exactly payoff for the Angels who have had some post season appearances, but Vlady hides in the post season. Not signing Manny? How'd that work out for the Dodgers? Not signing Lowe? The Braves can't wait to get rid of him and his bloated contract. For all the mistakes the team, I'm glad they didn't make even more
  23. CJ
    23. Posted by CJ Thu Oct 22, 2009 1:15 pm EDT

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    I feel like a spammer, but remember Ike Davis' name. It's surprising to me that he is not spoken more of when so-called experts speculate on whom the Mets will bring in. I think Murph played well, but he is not an everyday 1B. Mets either need a stalwart defensive 1B (i.e. Olerud, etc) or a slugging, run producing 1B (Davis fits this mold as Delgado did when healthy). If anyone lives in AZ you should check out the Fall League games down here, cheap tix, solid talent. I'm hoping to see Strasburg pitch a game or two (Phx Desert Dogs), Davis is on the Surprise Rafters team.
  24. CJ
    24. Posted by CJ Thu Oct 22, 2009 1:16 pm EDT

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    One word, Lackey.

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