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Fred Wilpon Newsbeat

Sunday, January 18, 2015

Mets Merized Online: Fred Wilpon Named Chairman of MLB Finance Committee

...

Bill Madden of the Daily News reports there was a lot more happening at last week’s owners meeting in Arizona than just a farewell party for Bud Selig.

New head honcho Rob Manfred announced a complete overhaul of major league baseball’s hierarchy and among the new restructuring he named Mets owner Fred Wilpon the new chairman and head of the MLB Finance Committee… Wilpon, who allegedly lost about $700 million in the largest Ponzi scheme in American History – the second time he was embroiled in a massive Ponzi scheme – was nearly forced to sell the team three years ago and is still on uncertain financial footing.

What makes Manfred’s decision so bizarre is that Fred Wilpon admits to not being the sharpest tool in the shed when it comes to financing, and in fact, Wilpon’s entire defense case in the trial brought on by trustee Irving Picard was based on his ignorance of how the convicted Bernie Madoff oversaw his investments as well as his role in team finances…

In addition to the millions lost in the Madoff affair, the Wilpons are currently buried waist deep in nearly three quarters of a billion dollars in debt between the team and the SNY Network which broadcasts the team’s games. A huge portion of that debt – a reported $600 million – is actually due in June of this year.

The MLB Players Association has recently opened an investigation looking into financial inconsistencies regarding offseason workouts being held at the team’s complex in Port St. Lucie…

It just goes to show that the old adage is true — It’s not what you know, but who you know. Sadly, in his first official act as commissioner, Manfred looks to continue years of Selig cronyism under the guise of the best interest of the game.

The District Attorney Posted: January 18, 2015 at 07:10 PM | 33 comment(s)
  Beats: business, fred wilpon, mets, wtf

Tuesday, November 25, 2014

Rolling Stone: The 15 Worst Owners in Sports

Don’t let recent success blind you to an ample history deserving of scorn. After running arguably the worst non-arms-manufacturing company in the world, Walmart, Glass became sole owner of the Royals in 2000 and immediately treated baseball the way Walmart treats people.

Amid a jackal pack of ownership that included a (future) commissioner guilty of collusion to fix player salaries, Glass – then the team’s president and CEO – stood out as an anti-labor hardliner during the 1994 strike, wanting to bring in scab players for a monstrously un-telegenic spectacle summarizing the kind of ####-you tactics Glass learned at the Bentonville, Arkansas smile-time sociopathy juggernaut. He simultaneously advocated a hard salary cap in baseball, not to create an even playing field with large-market teams but to have a paper excuse to wave in doubters’ faces explaining why he didn’t spend anything on his team. Glass went ahead without one, with team payrolls routinely languishing in the bottom half of the league during his tenure, with notable years like 2000 (28th), 2003 (29th), 2005 (29th) and 2011 (30th). That’s out of 30. The last two years, Royals payroll has leapt to 19th in the league, but don’t let the 2014 World Series run fool you. Fans have every reason to expect them to regress, and every expectation that Glass won’t spend to correct that (Goodbye, Billy Butler.) After all, four seasons of 100 losses and an average of 92 losses per season under his tenure is a much bigger sample size.

Last, in 2006, Glass was all about that entrepreneurial spirit when renovations to Kauffman Stadium were furnished by a countywide sales tax, in exchange for discounts at certain games. Rolling back prices every day!

RoyalsRetro (AG#1F) Posted: November 25, 2014 at 11:39 AM | 52 comment(s)
  Beats: cubs, david glass, fred wilpon, jeffrey loria, marlins, mets, owners, ricketts, royals

 

 

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