Madoff Author: Wilpons Will Have to Sell Mets
By Roy Edroso, Friday, Aug. 28 2009 @ 10:00AM
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Categories: Baseball, The Money Trail
The name Fred Wilpon, and the name of his Sterling Equities company, appear hundreds of times on the Madoff suckers list. We figured the rich Wilpon family could absorb the loss, if unhappily.
But maybe not. Erin Arvedlund, author on the recent examination of the case Too Good to Be True: The Rise and Fall of Bernie Madoff, says that the Wilpons actually lost more than they could afford -- and that they will certainly have to sell the New York Mets as a consequence.
"It's a matter of when," says Arvedlund. "It could be a soon as next year."
Believe it or not, Forbes ranks the Mets MLB's second most valuable franchise, after the Yankees, with a value of $912 million. Who'd pick them up if they went on the table? Carlos Slim? Oprah? The U.S. Government?
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