The Mets Could Really Use A Ponzi Scheme Right About Now - Dealbreaker

The Mets Could Really Use A Ponzi Scheme Right About Now

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Running the Mets’ finances was so much more fun when Bernie Madoff was around to help pay the bills.

Saul B. Katz, who owns a majority share of the Mets in a partnership with his brother-in-law and business partner, Fred Wilpon, has expressed a desire to sell his portion of the team because he has grown tired of spending millions to prop it up, according to several people in baseball who have been briefed on the matter….

Katz has long overseen the Mets’ finances, dating to the days when he used proceeds from investments in Bernard L. Madoff’s hedge fund, which was later exposed as a Ponzi scheme, to fund the team’s operating expenses.

People who know Katz, 75, and Wilpon, 77, have said that Katz has less interest in baseball than Wilpon, who grew up playing the sport — he was Sandy Koufax’s high school teammate — and serves on Commissioner Bud Selig’s executive council.

Co-Owner of the Mets Is Said to Be Interested in Selling [NYT]

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