Freddie Plays The Fiddle?
Today is April 4, 2012. In less than a days time in Flushing Queens, an umpire will command “PLAY BALL” and the curtain will rise on the first of 1458 innings of the New York Mets 2012 campaign. For the 2nd year in a row I’d love to talk to you strictly about baseball but once again, thanks to a couple of fellas named Ponzi and Madoff, I can’t.
As you might have heard, there was this lawsuit brought again Team Wilpon by a bunch of already very rich people claiming they were now less rich because they gave money to Bernard Madoff and (allegedly) the Wilpons knew what their ole pal Bernie was up to. Or something like that, I’d be a liar if I didn’t admit that I had stopped trying to understand this mess months ago. What I know is that the whole saga makes me want to blow my 99%er head off.
The big news of the winter was that Fred and Jeff would be bought to trial in the matter and could have stood to lose up to a billion dollars and presumably control of the team.
Now, take a deep breath
Close your eyes
Open them slowly
IT’S OVER!!!
That’s right, the Madoff induced mayhem has been settled. In only the last couple weeks both parties have agreed to a settlement that leaves the aggrieved parties entitled to 162 million dollars in damages. While it will be nice to return to Diamond matters, hold off giving your girlfriend that Times Square victory kiss for the moment because it doesn’t mean we’re in anything close to good shape.
As Adam “I want your job” Rubin writes:
The dual developments ensure the Wilpons will be able to navigate any immediate financial hurdles without their ownership of the team being jeopardized. If you interpret that to mean the Wilpons are suddenly flush with money and the days of Mets austerity are over, however, you would be mistaken.
Unless the Mets unpredictably turn into a juggernaut this season, fans flock to Citi Field and the Wilpons' coffers are replenished, many of the same constraints that forced a $52 million payroll slashing during the offseason should remain in effect for the next few seasons.
That is because much of the cash infusion from 12 minority investors buying 4 percent blocks of the team will be devoted to paying down debt and withstanding 2012 operating losses.
This is still gonna suck. Fred and Jeff Wilpon, through their financial tom foolery and general crankiness, have succeed in turning a franchise that showed glimpses of greatness in the mid 2000’s into something that has the free agent attractiveness of a leper colony. What’s worse is Poppa and son Wilpon won’t be going anywhere any time soon. They took in an additional minority owner, then they didn’t in a move that would have made the ghost of George Steinbrenner smile. Our Rome that is that beautiful diamond in Flushing is burning and Freddie is looking for his fiddle. Where is Magic Johnson when you need him?
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