The NHL’s New York Islanders are considering options for a new arena, and the New York Mets might help bring the team to Queens. (more…)
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Mall proposed for Citi Field parking lots
The New York Mets are proposing a 1.4-million-square-foot shopping mall on the parking lots to the east of Citi Field, and have received some important endorsements for the project. Queens Borough President Helen Marshall endorsed the project yesterday: Marshall gave her solid blessing to the 1.4-million-square-foot shopping mall on what is currently the baseball stadium […]
Mets owners to develop land near Citi Field
The owners of the New York Mets must not be too broke: they’re reportedly on tap as part of an investment group developing 20 acres adjacent to Citi Field. The 20 acres at Willets Point is currently home to scrapyards and auto-repair shops. It’s been a target of development efforts for years; its proximity to […]
Mets settle Madoff clawback case
New York Mets ownership will enter the 2012 season without some huge financial uncertainty, settling for $162 million a lawsuit alleging they had willfully ignored signs of fraud committed by Bernie Madoff. The lawsuit, brought by trustee Irving Picard, called for Fred Wilpon and Saul Katz — owners of the Mets — to pay $300 […]
Mets lose $71M in ’11, loses key court case today
Lots of bad news for New York Mets ownership: the team lost $70 million last season, and this morning a judge ruled they must repay $83 million in profits from the fraudulent Ponzi scheme run by Bernie Madoff. The judgement today from Manhattan Federal Judge Jed Rakoff is a response to bids for summary judgement […]
Mets bid for Nassau County ballpark was missing one big component: a team
At the end of the day, the independent Atlantic League — and not a New York Mets group — snared a deal to manage and play at a new Nassau County ballpark because Frank Boulton could unconditionally deliver a team. There were two groups bidding to manage and play in a new $50 million Long […]
Atlantic League lands Long Island ballpark
It’s official: the independent Atlantic League has landed the rights to manage and place a team at a new Long Island ballpark as part of a Nassau County Coliseum development, a project expected to cost $50 million if approved by voters in August, according to an announcement this morning from Nassau County Executive Edward Mangano. Atlantic […]
Mets’ financial woes worse than thought
The New York Mets required a cash infusion of $25 million from MLB lines of credit last November after the team faced a cash-flow crisis and had tapped out its other sources of capital, leaving many to wonder how long Fred Wilpon and Saul Katz can keep control of the ailing franchise. That the Mets […]
Mets managed Madoff investments for other investors
The owners of the New York Mets managed investments for others in Bernie Madoff‘s Ponzi scheme and threw some interesting conditions on participation: the investors, which included Larry King, Sandy Koufax and Tim Teufel, could have no interaction with Madoff and ask how he generated such impressive returns. The New York Times went through the […]
Citi Field debt downgraded by Moody’s because of Mets-Madoff connection
More bad news for Fred Wilpon and Saul Katz: debt of Citi Field has been downgraded by Moody’s because of concerns over ties between the New York Mets ownership and disgraced felon Bernie Madoff, as well as an impending clawback lawsuit. “While the ultimate outcome of the litigation and the timeframe for final resolution are […]
Wilpons explore selling minority chunk of Mets
Fred and Jeff Wilpon are looking at selling a minority share of the New York Mets due to financial complications due to their family firm’s investments with Bernie Madoff, as they face a potential clawback lawsuit from the court-appointed bankruptcy trustee. The following statement comes from Fred Wilpon, Chairman and Chief Executive Officer of the […]