Breaking: after months of negotiations, David Einhorn, the 42-year-old hedge fund manager who had been announced as the next minority share owner of the financially beleaguered Mets, is out of the running to buy a stake in the team. Just yesterday, Einhorn had been pressing MLB to pre-approve him as an owner of the franchise, in case Mets owners Fred Wilpon and Saul Katz were forced to relinquish ownership. Did the deal fall through because the Mets discovered that Einhorn is actually Finkle?
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Results tagged “wilpons”
Mets Lose Again: Rich Savior Pulls Out Of Deal To Save Team
Mets Gamble On Professional Gambler For Minority Stake
Yesterday, the Mets announced that the team was exclusively negotiating with 42-year-old hedge fund manager David Einhorn to buy a minority share of the financially beleaguered club. With it looking incredibly likely that Einhorn will spend $200 million to buy less than 49 percent of the team, Mets players gave their decidedly blah reactions to the probable new owner: “I don’t pay too much attention. I just try to stay focused on my job...The thing that I hope for is that things get better for the organization. I don’t know what’s going to happen,” shortstop Jose Reyes told WSJ.
Fractured Mets Dealing With Wilpon Interview Fallout
We've already established that the Mets are the Rodney Dangerfield's of baseball—but this week, they've really upped the ante after a series of interviews, criticisms, and apologies from their beleaguered owner, Fred Wilpon. Earlier this week, there was a sprawling New Yorker feature on Wilpon and the financially troubled team, in which he pulled a Steinbrenner and criticized several of the Mets' stars. The team has been dealing with the fallout ever since...and now there's another gloom-and-doom article on its way.
Mets Moving Forward With Financial Plans Despite Naysayers
The Mets play their first game of the 2011 season this Friday on April Fool's Day, and it seems particularly appropriate considering the foolishness which has followed them around all winter, stemming from the Wilpons' billion-dollar Madoff "false profits" lawsuit. "It's deplorable. I would not want to be a player on the Mets right now. Not because they are not talented enough, but because of all the questions surrounding the team this year will be (about) the off-field problems. It's very difficult to play under those circumstances," said baseball analyst Tim McCarver, who added that he thought the Wilpons must sell the team entirely.
In Case You Weren't Positive, Mets Are A Financial Mess
A lot has changed in a few years for the Mets: in 2009, they were the second most valuable team in the MLB, worth $912 million, and averaged over 3 million fans a year. But according to Forbes, their value has dropped 13 percent from last year. The Mets are now worth $747 million, attendance at Citifield fell by 600,000 last year, and they are approximately $450 million in debt. The Post has even taken to calling them the "New York Debts." Guess this proves once and for all that a $1 billion lawsuit really isn't a good thing.
Lawsuit Now Demands Mets Owners Pay $1 Billion
It feels as though we start every day hoping against hope that maybe we'll read some good news about the Mets; maybe Carlos Beltran will suddenly revert to his 2006 form! Or maybe Oliver Perez will have learned how to throw fastballs again! Or even better, maybe Bobby Valentine will be put in charge of the whole organization! Alas, these are the Mets, so none of those things will happen. But considering how terrible 2011 has been for the team so far, without having played a game of the season yet, how could it get any worse?
MLB Approves Three Bidders For Mets As Change Looms
Major League Baseball has approved at least three potential investor groups to make bids on the financially unsound Mets. The Mets owners' investment company, Sterling Equity, is in the midst of a complicated lawsuit stemming from perceived Madoff "profits"; the Wilpons have already agreed to sell a minority share of the team to offset any fiscal problems caused by the suit. But even if they sell 49 percent or less of the team, there's still a chance they may be forced to sell the team in the near future.
MLB Cutting Mets Off, Team Lines Up Potential Suitors
After the revelation that MLB loaned $25 million to the Mets last October, months before the Madoff "fictitious profits" lawsuit was filed against their owners, the team has continued to search far and wide for help from outsiders to fix their dire financial situation. They can't expect to receive any more help from MLB though: the commissioner's office will reportedly not make another substantial loan to the team, which makes the Mets sound like the wastrel cousin you know is never going to pay you back. But the team has forwarded a list of 30 potential "legitimate" buyers to MLB for approval.
Mets Are Reportedly Looking For Another Big Loan
How much trouble are the Wilpons in? The Mets owners, who were investors in Bernard Madoff's huge multi-billion dollar Ponzi scheme and are being targeted by the trustee trying to recover money for Madoff victims, are trying to sell part of the team to raise some money and now the Post reports that JPMorgan Chase "is trying to recruit other institutions to join a syndicate to put together a new loan that would tide the Mets over until they sell a minority stake in the ballclub."
Is Bobby Valentine Looking To Own Part Of The Mets?
Former Mets manager Bobby Valentine is now an ESPN analyst and the director of public health and safety for Stamford, Connecticut. But now the rumor mill is churning after ESPN reported he met with financial backers to possibly buy part of the Mets. Valentine said last night, "I've talked to a number of people interested in purchasing part of the Amazin's, but I'm not formally with any group that is actively pursuing this venture," but can't Mets fans dream?
MLB Gave Mets Loan, Wilpons Agree To Sell More Of Team
Throughout this whole Madoff lawsuit mess, which has overshadowed the Mets spring training thus far, CEO Fred Wilpon and COO Jeff Wilpon have insisted that their financial troubles would not affect the team in the least. Even as they've sought to sell 20-25 percent of the club, they've framed it as a anticipatory, shrewd move, not a desperate one. But it turns out that the Wilpons and MLB were fully aware of the Mets financial crisis as early as last fall, when MLB gave the team a $25 million loan.
Wilpon Vows To Be "Vindicated" In Madoff Lawsuit
Mets CEO Fred Wilpon, whose reputation has taken a serious hit in recent weeks as his legal troubles have gotten more public, vowed to exonerate his name and hold onto his beloved team yesterday. "We did not know one iota, one thing about Madoff's fraud. We didn't do anything wrong. If anything we trusted a friend for a very long time. As I told you a few months ago, that betrayal is very difficult for me because this was a man, we were friends for 35 years and investors for 25 years. Having said that, we will be vindicated," said Wilpon, while with the team in Port St. Lucie, Fla. for spring training.
Wilpons Vow To Not Give Up Controlling Interest In Mets
Yesterday, Donald Trump became the newest egomaniac billionaire to show interest in purchasing the Mets in the midst of their recent legal troubles. However, like previous interested outspoken parties, Trump told reporters that he would only be interested in a controlling stake of the team. But the Wilpons made it unequivocally clear at spring training today that this isn't an option: “We’re not selling controlling interest of the team. It’s not on the table," COO Jeff Wilpon said.
Of Course Donald Trump Wants To Buy The Mets
As the Wilpons' Madoff trouble continues, an (sort of) unlikely suitor for the Mets has announced himself: The Donald is interested. Hot off announcing his plans to reopen the Tavern on the Green (even though he doesn't have any authority to) good old Donald Trump has let word out that he is arranging a face-to-face with Fred Wilpon to discuss buying a stake in the club. And even though they haven't actually talked yet, Trump has already told the press about how he wants it.
Lawsuit Demands Mets Owners Pay $300 Million in Madoff "Profits"
After settlement negotiations broke down yesterday between the owners of the Mets and the trustee who is suing them, alleging that their company was a “net winner” in Bernard Madoff’s Ponzi scheme, the details of the lawsuit have now been completely unsealed. Trustee Irving Picard, who is representing a group of Madoff victims, is suing the Wilpons company Sterling Equities (which controls the Mets) for at least $300 million, claiming that Madoff's "fictitious profits" fueled every part of the team's business, including "payroll, players' deferred compensation, and stadium operations." He also claims that the team ignored warnings by various financial experts about Madoff, including Merrill Lynch.
Mets Struggle With Lawsuit, Mark Cuban Says "Call Me"
Settlement negotiations between the owners of the Mets and the trustee who is suing them, alleging that their company was a “net winner” in Bernard Madoff’s Ponzi scheme, ended acrimoniously today. It seems the talks broke down because the Wilpons were upset over details of the lawsuit leaking to the press, which resulted in a pretty lousy week for the Wilpons and the Mets organization. "Defendants cannot cry confidentiality to this court while publicly attacking the complaint and continuing to frustrate the public's right to know the contents of the same complaint they disparage," said the trustee's lawyer, David Sheehan.
Wilpons Dealing With Madoff, Mets Fallout
The Mets organization has endured a bad week, gracing the Daily News back cover several times with the unfortunate turn of events surrounding the announcement that the Wilpon family, who owns the team, are looking to sell part of the team to offset a lawsuit against them involving their dealings with Bernie Madoff. Fred and Jeff Wilpon met with MLB commissioner Bud Selig yesterday to discuss the worsening financial state of the team, and it seems he's been watching their backs for awhile; Selig reportedly encouraged Sandy Alderson to take the job as GM of the Mets, one he wouldn't have accepted without his encouragement. So how much are the Wilpons financial troubles going to cause for the team?
Martin Luther King III, Investors Make Mets Bids
On Friday, the Wilpons announced that they were looking to sell a part of the Mets, in order to offset a lawsuit brought upon their company because of their dealings with Bernie Madoff. Yesterday, liquor distributor and Georgi Vodka owner/provocateur Martin Silver said he was interested in buying into the team; today, the latest person to throw their hat into the Mets ring is Martin Luther King III. "It's fitting with the legacy of Jackie Robinson essentially transferring to the Mets; what better place to have African-American ownership than with the Mets," said TV executive Larry Meli.
Georgi Vodka Owner Wants A Piece Of The Mets
Yesterday, the owners of the Mets, Fred and Jeff Wilpon, announced that they intended to sell part of the team, in order to offset a lawsuit brought upon their company because of their dealings with Bernie Madoff. By seeking to sell off 20-25 percent of the ball club, the Wilpons tacitly admitted how shaky things are financially for the Mets, who they said they want "to have the necessary resources to fully compete and win." And now we have our first serious bidder: Long Islander Martin Silver, liquor distributor and owner of the Georgi Vodka brand.
Wilpons Looking To Sell Part of Mets
The owners of the Mets announced today that they are looking to sell off part of the team, and it's all due to Bernie Madoff. The Wilpons' investment company which owns the Mets, Sterling Equities, is being sued by a trustee who alleges that the company was a “net winner” in Madoff’s Ponzi scheme. The team is run by Fred Wilpon (CEO) and his son, Jeff (COO). They said in a statement: “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 of potential options including the addition of one or more strategic partners."
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