Yesterday on the blog we talked about a Reuters story which quoted Erin Arvedlund, author of “Too Good to Be True,” of saying the Wilpon family lost $700 million in the Madoff scam and would be forced to sell the team by early of 2010.
Fred Wilpon told the New York Times, “I’m fine, my family’s fine, my business family’s fine.”
Wilpon also said the family has an emotional attachment to the Mets and would not sell the team. Wilpon said the team’s revenue from its share of the MLB television deal, luxury suits, ticket sales, concessions, ad revenue at Citi Field and its share of SNY were not affected by the scam. He said the Madoff losses were significantly less than $700 million, but did not specify.
Wilpon paid $135 million to buy out Nelson Doubleday’s share of the team in 2002, and the Mets, according to Forbes Magazine, are currently worth $912 million.
Major League Baseball monitors the finances of each team quarterly, and president Bob DuPuy said the team is under no financial distress.