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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

 

 

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