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As if the Mets needed anymore battering—now the team has to say that owner Fred Wilpon's huge losses from investing with Bernard Madoff aren't affecting the team! Investigative journalist Erin Arvedlund, who wrote a book about Madoff, claimed that Wilpon lost $700 million with the Ponzi schemer—and suggest that he'll have to sell the team next year. The Mets responded, "The author of the book has no knowledge or facts related to the Mets business operations or finances. Her speculation that the Mets - or any part of the team - is for sale is completely false and is irresponsible." But now Newsday points out one possible sign of belt-tightening, "The Mets have canceled their Instructional League, held annually in Port St. Lucie, and instead will have a "modified" program at their baseball academy in the Dominican Republic"—which will save about $250,000 and which former GM Jim Duquette thinks is a bad move, "[The IL] gives you a chance to extend the development of your young players, of your prospects. and they're not gonna have it. ...If you're development-oriented, it's not a good decision, in my opinion."
Are Mets Cutting Costs Because Of Maddoff Losses?
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I agree. Jake is making the Extra Extras more thick than say 3-4 bold ones.
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Madoff and Wilpon travelled in the same circles. Wilpon thought he found the mother-load when he invested with Madoff but he got screwed just like any other sucker. Unless, he withdrew some profits, then he gets screwed again because he not only lost his investment but he has to give back the so called profits, possibly with interest.
Wilpon will sell the Mets. Let's just hope new ownership knows how to assemble a "team" - not just a collection of high-priced talent.
The best thing that could happen to the Mets would be if Wilpon sold the team and took his meddling son with him (and PR man Jay Horowitz just to end the curse). No more Brooklyn bat boys as owners please.
""modified" program at their baseball academy in the Dominican Republic"—which will save about $250,000 ." HUH?
If they put that same amount of money into a bunch of great DR kids living in the Bronx their return would be a lot better.
go ahead fred, sell sell sell! we're tired of your brooklyn dodgers boner and stupid black uniforms and weird aggressive courting of hispanic players. and take omar with you.
All minor-league Mets team are doing badly. Is it worth investing money into a system without great prospects?
On the other hand, if they don't develop from within they will have to spend a lot more for free agents or learn to make brilliant trades (not likely).
No box seat for Ruthie this year?
lo siento por los mets-adios Wilpon
The Mets broke my heart. Yet I can't let go of them.
There's wealth, and then there's cash flow. If one of your remaining valuable assets--that wasn't thrown away to a swindler--was a baseball team, it wouldn't make sense to diminish its asset value by decreasing its prospects.
$250K in savings is, I imagine, .33% of the asset value of the Mets. If the Mets sucking could decrease the value of the team by about 15%, that's a simple decision to keep a development program open with credit card-rate debt, unless it was an extravagance to begin with, or Wilpon's an idiot.
Maybe the Dolans will invest in the team, as I've heard rumors. Then blue and orange will be indelibly inked as the colors of losers.
Why do you keep this story going, this has been refuted publicly repeatedly by Mets management, here's the latest
http://www.foxbusiness.com/search-results/m/26119990/madoff-strikes-the-mets.htm#q=Erin+Arvedlund
That said, Fox Business is a big advertiser at Citifield, put yer tin foil caps on!