Mets Owner Seeks ‘Vindication’ In Madoff Case

Feb 18 2011 | 3:12am ET

The owner of the New York Mets said yesterday that he and his family would be “vindicated” of allegations against them in the Bernard Madoff scheme.

Fred Wilpon spoke as the Mets opened spring training in Port St. Lucie, Fla. Wilpon and his Sterling Equities, which owns the team, have been sued for as much as $1 billion by the court-appointed receiver in the Madoff case; Wilpon and Madoff were long-time friends.

Last month, Wilpon said he would seek a minority partner to take a stake in the Mets, but vowed that the family would not give up control of the team. Reports indicate that he hasn’t found many takers for a minority stake—several people, including Donald Trump, have said they wouldn’t mind buying the team outright—but Wilpon has said he has spoken with interested parties.

As for the accusation that the Wilpons knew what Madoff was up to, the owner would have none of it.

“Allegations are not fact,” he said. “We have to now come back and tell you what our facts are, based upon facts, based upon the law. And our lawyers are doing that, and they will do that. And we will be vindicated.”

“By vindication, I mean, number one, everybody will know we have nothing to do with it and we didn’t know anything about it, and we were duped.”


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...