The Wilpons didn't lose as much money to Madoff as believed

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If you believe financial experts like Larry King, Mets owner Fred Wilpon and family lost as much as $700 million investing with former friend and current inmate Bernie Madoff.  That, however, may be a slight exaggeration:

A partnership connected to the baseball team — which had widely been rumored to have lost money investing with Bernard Madoff — actually gained a net $48 million from its dealings with the convicted swindler, according to a bankruptcy-court filing.

The filing, by the court-appointed trustee handling claims for Madoff victims, is the first documentation of how deeply invested Mets principal owner Fred Wilpon was with Mr. Madoff, a longtime friend.

The filing showed that the Mets Limited Partnership, which is connected with Sterling Equities Inc., owner of the Mets, deposited about $523 million into two accounts with Mr. Madoff — and withdrew about $571 million.

Now that doesn’t necessarily mean that the Wilpons made money.  Yes, it’s a net increase in the money in play, but (a) the Wilpons may have had his money with Madoff for many, many years; and (b) they may have believed, via Madoff’s fraud, that they were up way, way above that.  So in financial terms the Wilpons could have suffered a huge loss in terms of forgone, legitimate gains, and they may have been making financial decisions based on a radically different position than the one in which they actually found themselves to be once the fraud was discovered.  That’s not a $700 million loss, but it’s certainly not great either.

Sadly for Mets fans, however, the team’s competitive position remains just as dire as previously believed.

Arizona Diamondbacks, Tony La Russa part ways

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The Arizona Diamondbacks just announced that they are parting ways with Tony La Russa at the end of the month.

La Russa served as the club’s “Chief Baseball Officer” from 2015-16. For the last year he was styled “Chief Baseball Analyst.” That’s a nice way to saying that he was pushed aside when the club fired his hand-picked general manager Dave Stewart and brought in Mike Hazen to run the club a year ago. La Russa was stripped of his powers, but was told he could hang around as an advisor. Most didn’t think he’d actually take the club up on that offer, but he did. By all accounts he was a pretty unobtrusive presence around the team this year, offering counsel and insight when asked but not making things awkward the way having the old boss around might do.

I suppose that can only last so long, however. The Dbacks had considerably more success without La Russa in charge in 2017 than they had with him in charge the previous couple of years. At some point you just part ways. That point is now.