New York Mets Gain $48 Million From Madoff Scheme

October 22, 2009

Wow. The New York Mets gained $48 million from Madoff? Looks like earlier reports of the organization having financial problems is not so. Read more about the story here.


Isn’t it interesting that ‘Too Good to Be True’, a book on Bernie Madoff authored by Erin Arvedlund earlier this year, mentioned that the Wilpon family, owners of the New York Mets, would have to sell the team because of the money lost in their dealings with the infamous swindler? Evidently that is not the case.

So quite a surprise to hear that in fact the New York Mets gain $48 million from Madoff’s scheme after all. Basically here’s what happened….the Mets Limited Partnership, which is affiliated with the Wilpon family, deposited a hefty $522.8 million into two different accounts with Madoff and subsequently $570.6 million was withdrawn. The Wilpons have already confirmed previously that they have been investing with Madoff for several years. Just how much was in the accounts with Madoff when the scandal broke remains to be seen.

Of course this has many wondering, has a lawsuit been filed to have some of that money returned?

The team has issued a statement, saying: “As has been stated previously, this has no effect on the operations of the New York Mets.”

MLB commissioner Bud Selig said recently:

“I have enormous respect for Fred Wilpon and his family, and I have no evidence that the Mets have been negatively impacted at all. Fred has said it over and over again that they haven’t been, and I have no concerns about the Wilpons’ financial stability.”

That’s the latest news on the headlines that read ‘New York Mets gain $48 million from Madoff’. What are your thoughts? Leave me a comment below, plus check out a related video.

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