Fred Wilpon Says Mets Are 'Bleeding Cash'

According to an article in Tuesday's New York Daily News, the New York Mets are "bleeding cash" and may lose up to $70 million this year. Details are to be published in an article in this week's Sports Illustrated.

The article goes on to say that there was even more connection between owner Fred Wilpon and convicted financier Bernie Madoff than was reported in the New Yorker article about Wilpon this week:

SI also reports that the Mets turned to Madoff to help them get rid of outfielder Bobby Bonilla, a clubhouse malcontent, after the 1999 season. If the team released Bonilla, it would have had to pay him $5.9 million for the 2000 season. Mets officials instead offered to pay Bonilla nearly $1.2 million per year for 25 years, for a total of $29.8 million, beginning this July. The payments to Bonilla were based on an interest rate of 8%; the Mets planned on investing the Bonilla money with Madoff, whom they expected would give them a 10% to 12% return.

Further, Wilpon told Sports Illustrated that a minority share in the Mets might be sold for as much as $200 million and might be announced within the next three weeks.

The New York Daily News article ends with an unintentionally funny ad placement. Just below the final paragraph of the actual article, there is a link to an external site with the text: "Buy Mets Tickets". Mets attendance is down over 13% from 2010 -- they could use the help.

X
Log In Sign Up

forgot?
Log In Sign Up

Please choose a new SB Nation username and password

As part of the new SB Nation launch, prior users will need to choose a permanent username, along with a new password.

Your username will be used to login to SB Nation going forward.

I already have a Vox Media account!

Verify Vox Media account

Please login to your Vox Media account. This account will be linked to your previously existing Eater account.

Please choose a new SB Nation username and password

As part of the new SB Nation launch, prior MT authors will need to choose a new username and password.

Your username will be used to login to SB Nation going forward.

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

By becoming a registered user, you are also agreeing to our Terms and confirming that you have read our Privacy Policy.

Join SBNation.com

You must be a member of SBNation.com to participate.

We have our own Community Guidelines at SBNation.com. You should read them.

Join SBNation.com

You must be a member of SBNation.com to participate.

We have our own Community Guidelines at SBNation.com. You should read them.

Spinner.vc97ec6e

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.