Madoff Swindle Could Force Partial Sale of NY Mets, as Trustee Seeks Perhaps $48M Clawback
Faced with a lawsuit over a “profit” of nearly $48 million purportedly earned on a $523 million investment with record-breaking Ponzi schemer Bernard Madoff, the owners of the New York Mets are considering selling a minority share in the team.
Fortunately, the market for selling fractional interests in sports franchises has never been better, former deputy baseball commissioner Steve Greenberg tells ESPN.
He has been retained by Fred and Jeff Wilpon, who own the Mets, to explore the possibility of a sale.
A lawsuit against the Wilpons and corporate entities associated with them was filed last month under seal in U.S. Bankruptcy Court in Manhattan by Irving Picard, reports Bloomberg. Picard is the trustee overseeing the liquidation of Madoff’s enterprises.
Additional coverage:
Associated Press: “Mets owners explore partial sale of team”
NBC New York: “Mets Look for New Investors Amid Madoff Mess”
New York Times (reg. req.): “Madoff Lawsuit Forces Mets to Seek More Owners”
