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

Leave a comment

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.

The World Series broadcast schedule is announced

Getty Images

Major League Baseball just announced the broadcast schedule for both Games 6 and 7 (if necessary) of the NLCS and the entire World Series.

There are no surprises here. The World Series games are all on Fox. The pregame show starts at 7:30 and the games themselves start just after 8pm Eastern Daylight Time, regardless of whether it’s Chicago or Los Angeles representing the National League. For some reason Game five of the World Series, scheduled a week from Sunday if it comes to pass, starts seven minutes later than all of the other games. Maybe something super exciting will happen then.


Red Sox sports medicine director says David Ortiz “was essentially playing on stumps”

BOSTON, MA - OCTOBER 1: David Ortiz #34 of the Boston Red Sox tips his helmet to the crowd as he exits the game after he singled during the fifth inning against the Toronto Blue Jays at Fenway Park on October 1, 2016 in Boston, Massachusetts. (Photo by Rich Gagnon/Getty Images)
Getty Images

David Ortiz had a whale of a final season with the Red Sox. It was so good that he was asked, many, many times, if he was thinking of reversing his retirement decision and coming back for 2017. Ortiz always said no, he was still retiring, occasionally making mention of his aching feet and the physical grind his 40-year-old body was undergoing.

We now know just how much of a grind it was. Indeed, it was extreme. We know this because Dan Dyrek, the Red Sox’ coordinator of sports medicine services, tells it to Rob Bradford of WEEI. Dyrek says that the injuries to Ortiz’s feet, which were often referred to as achilles tendon problems, were way, way more complicated than that, affecting every muscle, bone and tendon in his feet in chain reaction fashion. Dyrek:

“He was essentially playing on stumps. Instead of having this nice, flexible, foot, ankle, calf mechanism to act as a shock absorber, he was playing on stumps. And you can do that for only so long. He was in warrior mode trying to play through this. Once we diagnosed him and saw what was going on and started explaining things to him, there was actually a sense of relief because now he had an explanation of what he was in such excruciating pain.”

That Ortiz was able to even walk through what Dyrek describes is pretty amazing. That he was able to put up a near-MVP season with all of that pain is incredible.