Yet Another MLB Ownership Group Facing Financial Challenges

The NY Mets are scheduled to have a press conference announcing that they have hired a brokerage firm to find new minority partners to make a cash infusion to the franchise.

This flies directly into the face of their continual pronouncements that the Madoff financial disaster had not affected the financial stability of the Wilpon family and the organization.

The family has been facing law suits from employees of their other companies who lost their pensions in the Madoff ponzi scheme, which the Wilpons had been heavily invested with.  It’s being speculated that they may be raising cash to cover the possible losses if they lose those suits.

It’s all specualtion right now as to exactly what is going on with the Mets finances and why, but what is clear is that the Mets are yet another MLB club with an ownership group that is facing financial challenges due to the economic environment or personal mismanagement.  Who knows how may be next, and what long term ramifications and changes of the faces of the game could result from the collapse of these personal empires.

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