The New York Post reported Thursday that Fred Wilpon lost as much as $500 million in Bernard Madoff's $50 billion Ponzi scheme. But New York Mets fans can rest assured that despite Wilpon and co-owner Saul Katz confirmed losses from investments in Madoff's fund, it is one mistake that won't impact their Major League Baseball team.
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Jeff Wilpon, the son of Fred, told the Post that the losses were from funds unconnected to the operation of the Mets. "It doesn't affect the Mets, it doesn't affect the Citi Field project ... or any other operating businesses," the younger Wilpon told the Post. Wilpon continued that the team was "uncategorically, totally, completely not for sale." Of course with two teams on the block, the Chicago Cubs and San Diego Padres, the Wilpons wouldn't likely get top dollar for their franchise.
Wilpon stressed the number-one rule of investing that saved the Mets owner from a major financial catastrophe. He told the Post: "We have other money in other funds outside of this. It's called diversification." - Gerald Magpily
See New York Post article
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