Fred Wilpon

The Wilpons are looking to sell a minority stake in the Mets

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As everyone know, Fred Wilpon was taken for a bunch of money in the Bernie Madoff scam.  Yeah, he “broke even” in the sense that he got back his investment, but that was just because he was one of the early lucky ones who got their ponzi scheme money back.  It wasn’t real investment earnings, and because of the way the law works with respect to ponzi schemes, Wilpon is probably going to be on the hook to give back the phony earnings Madoff gave him in order to make those who truly lost their shirts whole again.  There’s a lawsuit to that effect pending right now, and eventually Wilpon will likely have to fork over an awful lot of money.

It is then little surprise that today the Wilpons announced that the Mets ownership group is looking for “strategic partners” to “provide additional assurance that the New York Mets will continue to have the necessary resources to fully compete and win.”  Translation:  we’re looking to sell a stake in the team so we can get some cash.

The Wilpons say in their statement — the entirety of which is reprinted below — that they intend to maintain majority control of the team.  Of course, as in war, no battle plan ever survives contact with the enemy, so it’s not like they can promise that they’ll keep control.  If someone is willing to bail them out in a highly beneficial manner but demands majority control of the team, the Wilpons would have to consider it, right?

It’s been known for some time that another shoe could drop with respect to the Madoff business, and this is apparently it.  In the short term, however, it shouldn’t have much of an impact on the Mets as a baseball team.  They were already facing big payroll obligations for 2011 and have set out on something of an austerity plan in light of it.  They haven’t made big moves this winter and clearly aren’t poised to do so until the payroll goes down.

In the long term: this could mean major changes for the Mets franchise.

Fred Wilpon, Chairman and Chief Executive Officer of the New York Mets, and Jeff Wilpon, Chief Operating Officer of the New York Mets, issued the following statement:

As Sterling Equities announced in December, we are engaged in discussions to settle a lawsuit brought against us and other Sterling partners and members ofour families by the Trustee in the Madoff bankruptcy. We are not permitted to comment on these confidential negotiations while they are ongoing.

However, to address the air of uncertainty created by this lawsuit, and to provide additional assurance that the New York Mets will continue to have the necessary resources to fully compete and win, we are looking at a number ofpotential options including the addition of one or more strategic partners. To explore this, we have retained Steve Greenberg, a Managing Director at Allen & Company, as our advisor.

Regardless of the outcome of this exploration, Sterling will remain the principal ownership group of the Mets and continue to control and manage the team’s operations. The Mets have been a major part of our families for more than 30 years and that is not going to change.

As we have said before, we are totally committed to having the Mets again become a World Series winner. Our fans and all New Yorkers deserve nothing less.

Report: Blue Jays to acquire Melvin Upton, Jr. from the Padres

SAN DIEGO, CALIFORNIA - JULY 2:  Melvin Upton Jr. #2 of the San Diego Padres hits a walk-off solo home run during the ninth inning of a baseball game against the New York Yankees at PETCO Park on July 2, 2016 in San Diego, California. The Padres won 2-1. (Photo by Denis Poroy/Getty Images)
Denis Poroy/Getty Images
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Update (10:12 AM EDT): Jon Heyman of Today’s Knuckleball reports the Padres will receive pitcher Hansel Rodriguez from the Blue Jays. Rodriguez is rated as the Jays’ 18th-best prospect by MLB Pipeline. The Jays signed Rodriguez out of the Dominican Republic for $330,000 in February 2014. He’s spent the 2016 season with the Bluefield Blue Jays in rookie ball, compiling a 3.06 ERA with a 26/11 K/BB ratio in 32 1/3 innings over six starts.

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The Padres and Blue Jays have agreed on a trade involving outfielder Melvin Upton, Ken Rosenthal of FOX Sports reported on Tuesday morning. The Jays will get Upton and the Padres will receive a prospect from Single-A. The financial details are not yet known, but Dennis Lin of the San Diego Union-Tribune says the Padres are expected to cover a significant portion of his remaining contract. The trade is likely to be finalized on Tuesday.

The two teams opened up a three-game series in Toronto on Monday, so Upton won’t have to go very far to join his new team. The Jays won 4-2 on Monday.

Upton, 31, has had another solid season for the Padres, batting .256/.304/.439 with 16 home runs, 45 RBI, 46 runs scored, and 20 stolen bases in 374 plate appearances. He’s owed the remainder of his $15.45 million salary for the 2016 season and $16.45 million next season, the final year of his five-year contract.

Upton will provide some outfield depth for the Jays, who currently only have Ezequiel Carrera as a full-time back-up outfielder behind Michael Saunders, Kevin Pillar, and Jose Bautista. Bautista was activated from the disabled list on Monday, so Upton could cover right field in the event that Bautista exacerbates his toe injury.

With Upton leaving San Diego, Alex Dickerson is likely to see full-time work in left field in the short term. Prospects Hunter Renfroe and Manuel Margot could be called up at some point this season as well.

Settling the Scores: Monday’s results

CHICAGO, IL - JULY 25:  Tyler Saladino #18 of the Chicago White Sox celebrates after getting the game-winning hit, a single in the 9th inning, against the Chicago Cubs at U.S. Cellular Field on July 25, 2016 in Chicago, Illinois. The White Sox defeated the Cubs 5-4.  (Photo by Jonathan Daniel/Getty Images)
Jonathan Daniel/Getty Images
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The White Sox got their third consecutive win in walk-off fashion on Monday, downing the Cubs 5-4 in the opening game of a short two-game series at U.S. Cellular Field. On Sunday, the White Sox and Tigers played two, sort of. They finished a suspended game from Saturday, which ended with an Adam Eaton walk-off RBI single in the ninth inning to give the White Sox a 4-3 victory over the Tigers. Later that day, Melky Cabrera walked the Pale Hose off on another RBI single, this time giving his team a 5-4 margin of victory.

In Monday night’s game, the White Sox took a 4-0 lead in the seventh inning with third baseman Todd Frazier providing the bulk of the offense with a three-run home run off of Jake Arrieta in the sixth inning. But starter Miguel Gonzalez tired in the seventh, forking up a two-run home run to Javier Baez. He would exit with two outs in the frame. In the ninth, Matt Albers gave up a double and two singles, leading to one run for the Cubs. Dan Jennings came in and immediately let one of his inherited runners score on an Anthony Rizzo single, tying the game at 4-4.

In the bottom of the ninth, new Cubs acquisition Mike Montgomery took the hill. J.B. Shuck led off with a line drive single to center. He advanced to second base on a Dioner Navarro sacrifice bunt, and promptly scored the winning run on a Tyler Saladino walk-off RBI single.

The White Sox had lost eight of their previous nine games prior to their recent three-game walk-off winning streak. They’re now 49-50, eight games out of first place as they approach the August 1 non-waiver trade deadline.

Box scores.

Cardinals, Mets [Postponed]
Tigers 4, Red Sox 2
Rangers 7, Athletics 6
Phillies 4, Marlins 0
Yankees 2, Astros 1
Brewers 7, Diamondbacks 2
Angles 6, Royals 2
Reds 7, Giants 5
Orioles 3, Rockies 2 (10 innings)
Blue Jays 4, Padres 2
White Sox 5, Cubs 4