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Mets assert Madoff suit won't hinder operation of team

In a reversal of sorts, the Mets were sued today by a trustee in the Bernard Madoff bankruptcy case. As reported by Newsday, the trustee, Irving Picard, is "seeking the return of an unspecified amount of cash to pay back investors who lost billions in the Ponzi scheme." 

In the lawsuit, Mets principal owner Fred Wilpon, his son COO Jeff, the Mets Limited Partnership as well as other investors are named as defendants. Newsday also is reporting that court papers showed that the Mets Limited Partnership took out more than $45 million than in invested in Madoff's scheme. The partnership invested a total of $522.7 million in two Madoff accounts and withdrew roughly $570.5 million.

In response to today's lawsuit, the Mets released this statement:

The Trustee for Bernard L. Madoff and BLMIS today has filed a complaint against various Sterling partners and entities.  Because the parties are engaged in settlement negotiations, the complaint is filed confidentially, under seal.  Consequently, we will have no further comment at this time.  Regardless of the outcome of these discussions, we want to emphasize that the New York Mets will have all the necessary financial and operational resources to fully compete and win. That is our commitment to our fans and to New York.

 

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