Madoff payback could cripple The Mets

Today, when tickets went on sale, my wife purchased "opening day" tickets to the Mets at Citifield for my stepson for his 18th birthday. Hours later, I read a news article online in the New York Newsday about Fred Wilpon, owner of the Mets.

Photo credit: Alejandra Villa - NY Newsday | Mets owner Fred Wilpon 

 

 

 

 

A U.S. District Court Judge ruled that Fred Wilpon, his family, his businesses AND his charities must pay back over $83 million dollars to the trustee trying to recover monies lost in the Bernard Wilpon ponzi scheme. Recovery of this money is necessary in order to pay back people who lost everything.

I am not sure the Mets can afford an $83M hit... During the off season, they let go of Jose Reyes and in total, cut their payroll by $50 million. $50 MILLLLLLLION DOLLARS!!!! (using a Dr. Evil voice)

Last night I watched "Moneyball" for the first time. It's a great movie and I was impressed by it...  Why bring up the movie? Because the Oakland A's will NEVER know what it's like to have to cut their payroll by $50M. Some teams will NEVER have an idea what it's like to even HAVE a $50 Million dollar payroll. It's really all relative but worth mentioning because if this happened in Florida or Colorado or even Minnesota.... the team would be completely gone or sold or moved to some other market.

I am not so sure that the Mets will be able to survive another hit like this. It will go to trial and be dragged out in the courts and New York tax payers will have to foot the bill for all the court clerks salaries and the court officers salaries and EVENTUALLY they will get it resolved but... Somebody has to pay for the Madoff debacle.

The Mets know what they will be able to handle and maybe $83 Million is no big deal... but in the appeal process they are required to post a $90 million dollar bond. So they have to pony up $90M before they even go to trial.

The "Amazins," as they are STILL known to this day even though they have been FAR from it for some time, have some major MAJOR financial hardships even though Mr. Wilpon has continuously denied it for some time. A stadium that they are still paying for, a $50M payroll cut... The tell tale signs of money problems are there! I am sure Mr. Wilpon doesn't want the stakeholders to have ANY doubt that the net worth of this team has been maintained but come on! I'm no economist and I don't hold an MBA but even I can tell that this is a big hole in the middle of Queens that the Wilpons have been shoveling money into.

Only time will tell if The New York Metropolitans will still be a New York team in two years or not... but I doubt it.

Bernie Madoff's illegalities have a far more reaching affect than we will know for a long time. I'm not a Met's fan but I know a lot who are.... If this does go down in a bad way... we may go back to the days of lynch mobs with pitch forks and torches... New Yorkers don't play.