Last updated: 05/23/2015 - 4:08 PM UTC
Remember last winter when Jeff Wilpon said that Sterling Equities’ accounts with Bernie Madoff wouldn’t affect team operations? Remember how we all scoffed at the remark? Turns out Jeff was right!
According to a report on Bloomberg Sterling Equities actually made money from Madoff. Apparently the Mets widthdrew $570.5 million from their Madoff account after an initial investment of $522.7 million for a profit of $47.8 million.
The team, however, will probably be sued for this profit by a group claiming that the profit was illegitimate. Since Madoff falsified account statements to show profits that didn’t really exist (because he was stealing the money) the group claims that investors are only entitled to the amount of their initial investment and not any profits (since there technically wasn’t any profit).
I see their argument and actually agree with it. However in the Mets case haven’t they already suffered enough loss this year? The Oliver Perez signing alone cost them $36 million. And all those medical bills.