Fred Wilpon, the Disgraced Owner Who Nearly Bankrupted the Mets Due to His Involvement with Bernie Madoff, Will Head Major League Baseball's Finance Committee
Mets owner Fred Wilpon has reportedly been tapped by new commissioner Rob Manfred to head Major League Baseball’s finance committee. Here’s a succinct graf from Deadspin summarizing just some of Wilpon’s missteps in the late-oughts and early-10s(?):
Madoff money went to cover the Mets’ payroll, to support the single-A Brooklyn Cyclones, to construct Citi Field and to launch a regional sports network. And when it disappeared, Wilpon and co-owner Saul Katz found themselves desperate. They took out a reported $450 million in loans (including about $65 million in emergency bailout money using a line of credit from MLB), using the SportsNet channel as collateral. They publicly announced he was willing to sell minority shares in the team to inject much-needed cash into the operation. They settled a lawsuit brought by Madoff victims for $162 million. They still carry hundreds of millions of debt.
So it makes sense that Wilpon would head MLB’s finance committee. You learn from your mistakes, right? I mean, it’s not like Wilpon just dumped a huge chunk of money on a MASSIVE new scoreboard for his only-six-year-old stadium or anything. Oh… wait… what’s that? I’m sorry, Jim, but I’m getting in my ear that Wilpon has in fact invested in a new scoreboard instead of, say, a fourth starter or any other player(s) capable of turning the Mets into something that resembles a contender:
The Mets announced Monday they are installing a new Daktronics high definition screen in center field that will be unveiled for the April 13 home opener.
According to the press release, the video board – at 5,670 square feet – will be among the 10 largest displays in professional baseball. The old video board was 3,500 square feet.
The Nats may have gotten Scherzer, but the Mets are unveiling a new scoreboard that is 62 percent bigger than the old one.
— Mike Puma (@NYPost_Mets) January 19, 2015
I can’t wait to see MLB’s balance sheet next year.
Photo note: I can’t tell if Chris Christie is farting or if he’s merely shifting his copious weight to prevent bedsores. Maybe both?