Mets Likely to be Sold Because of Madoff

Although they didn’t know that Bernard Madoff was doing anything illegal, New York Mets’ principal owner Fred Wilpon, COO Jeff Wilpon, and team president Saul Katz are currently being sued for $1 billion.  They have announced that they are currently seeking to sell 20-25% of the team to pay for the settlement, but speculators believe they may eventually have to sell 100%.

Third baseman David Wright discussed the situation surrounding shortstop Jose Reyes. Reyes is due to be a free agent after 2011, and the Mets may not be able to afford to keep him after this year. Wright hopes that Reyes remains his teammate, but understands that the owners may not be able to give him what he’s worth in light of the lawsuit.

See Adam Rubin, David Wright: Lawsuit will Affect Mets, ESPN New York, Feb. 8, 2011.

Special thanks to David S. Luber (Attorney at law, Florida Probate Attorney Wills and Estates Law Firm) for bringing this article to my attention.