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Transcript by Newsy.com BY BARBARA MANINGAT You're watching multisource sports and business video news analysis from Newsy. New York Mets owners Fred Wilpon and Saul Katz are in legal hot water for their involvement with infamous investor Bernie Madoff -- and its put their teams future in limbo. Bernard Madoff fooled thousands into investing in his illegitimate investment securities operation, lining his own pockets with the profit-- (Video: 60 Minutes) --and sharing a pretty penny with his most prominent investors Wilpon and Katz. Because of this, theyre seen as both victims of fraud and villains by other investors. Wilpon and Katz are being sued by Irving Picard, the court-appointed trustee acting as a financial bounty hunter -- suing anyone he can to get every penny back for Madoffs victims. Picard and his chief council tell 60 Minutes theyre going after quote- net winners -- victims who actually took more money than they ever invested. SHEEHAN: I think, as everyone was participating in this, and just feeding off this trough of greed, at the end of it, what they were looking for was it to continue. They were hoping it was never going to end. The New York Times breaks down the millions of dollars the Mets might owe other victims. The lawsuit seeks to recover not only $300 million in... fictitious profits -- the difference between what the Wilpon and Katz entities put into Madoffs investment firm and what they took out... So when a teams owners are facing financial ruin, what should they do? Katz and Wilpon say, sell it -- well, up to 25 percent of it. But a writer for The New York Baseball Digest says Wilpon is dreaming. ... even a minority stakeholder wouldnt offer enough cash to allow the Wilpons to continue owning the Mets. That leaves two options- either the Wilpons find other ways to leverage the Mets and SNY SportsNet New York, likely badly compromising their ability to spend money on the teams competitiveness, or the Wilpons will be forced to sell the team. But a Forbes blogger says going on the market is their only hope, bringing a loaded buyer who would beef up the roster. Any savvy buyer knows that they will have to spend a lot of money to quickly improve the team and jack up attendance at ratings on SNY SportsNet New York. This means competition will heat up to sign free agents and other teams will have to either open up their wallets or be outbid by the Mets. Fred Wilpon told Bloomberg -- theyre still exploring options, and the Mets arent going on sale just yet. Get more multisource business video news analysis from Newsy.
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Tags: New York Mets   Madoff Fraud   Bernard L. Madoff Investment Securities   Fred Wilpon   Saul Katz   Irving Picard   Ponzi Scheme   New York Mets Owners   Minority Ownership   Net Winners   Madoff Investment Firm   Minority Stakeholder   Mets Sale   Multisource   Sports News  
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Tags: Baseball Scouts   Baseball Pitching Drills   Baseball Digest   Baseball Practice Drills   Baseball Tips  
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