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How the Mets made a huge financial turn around

29 Oct

Just four years ago, New York Mets owner Fred Wilpon had a middling baseball team, couldn’t fill his stadium, and owed more than $600 million in debt. Wilpon and his co-owner and brother-in-law Saul Katz attempted to sell a 49% stake in the team for $200 million to make a dent in that debt, but a deal with financier David Einhorn fell apart.

That’s not to mention the Mets’ Madoff nightmare. The owners had invested some $500 million with Bernard Madoff, whose Ponzi scheme collapsed in 2008.

What a difference a few years makes. The Mets are now headed to the World Series, the Wilpon family’s burden to the Madoff liquidation trust is down to some $60 million, and Fred Wilpon has likely had his first happy summer since 2008.

http://fortune.com/2015/10/24/mets-wilpon-world-series/

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Posted by on October 29, 2015 in Uncategorized

 

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