New York Mets: No Affect From Madoff Scandal
CNBC Sports Business Reporter
Earlier today, we reported that Sterling Equities, which was founded and is managed by New York Mets owners Fred Wilpon and Saul Katz, lost money in Bernard Madoff's ponzi scheme.
While the amount of money isn't known, it has certainly created some buzz over whether this will affect the Mets ability to complete their roster this offseason.
The Mets just released this statement: "This news does not affect the day-to-day operations and long-term plans of the Mets organization and the Citi Field project."
Now we just have to sit back and watch and speculate and see if they still go after scoring a decent pitcher or a leftfielder.
In my last blog, I referenced that our own David Faber was reporting that Sterling could have lost as much as $300 million in the Madoff scheme. We wanted to be clear that any amount of money that Sterling lost was in Sterling Equities and not in Sterling Stamos Capital Management, which does not have investments in any of the funds managed by Madoff Securities.
The company points out that "Sterling Equities is an independent entity and has no operational or investment decision-making authority within Sterling Stamos Capital Management."
- Madoff's Investors Facing Billions in Potential Losses
- Why You Shouldn't Be Stunned By Madoff
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