In December, New York Mets fans rejoiced when it was announced owner Fred Wilpon was selling 80 percent of the team to Steve Cohen. Recent reports have the proposed deal on shaky ground.
Once again New York Mets fans have been led down the primrose path. Once again they are disappointed. Just when they thought they would finally be rid of despised Fred and Jeff Wilpon, the floor fell out from underneath them. Reports have surfaced in the New York Post that the deal to sell 80 percent of the Amazins to Billionaire Steve Cohen is all but dead.
Cohen is upset that the Wilpons are trying to change the terms of the agreed-upon deal. He is ready to walk away from it all, crushing the hopes of New York Mets supporters everywhere for future success
While specific details aren’t available, this has happened before. There was a deal back in 2011 with another hedge fund manager, David Einhorn. Before the transaction was finalized, Einhorn backed out citing the Wilpons were dealing in bad faith by trying to change things up at the 11th hour.
Strange financial dealings by Fred and Jeff seem to be their method of operations. Sketchy and Wilpon are words that go together. There have been other unusual dealings. The biggest one was, of course, their involvement in the Bernie Madoff Ponzi Scheme which fell apart at the tail end of the 2000s.
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First, they claimed that they lost money and then it was found out the Wilpons actually made money. A subsequent lawsuit payout in 2011 put the team in bad financial straits. Twice loans were needed to keep theMets afloat.
Since then the New York Mets have acted and spent more like the Kansas City Royals than a team in the league’s largest market. The fans have had enough of the Wilpon’s thriftiness. MLB should be embarrassed by how the Wilpon family has conducted its business over the past decade.
Commissioner Rob Manfred recently came down hard on the Houston Astros for their sign-stealing scandal. How he and the rest of the owners can put up with the shady business practices by New York Mets ownership is confounding. It’s time Manfred does what’s best for the game and strip the Wilpon family of ownership.
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