Mets Forced To Sell 25% of Team

By Gabriela Moore
Jan 30 2011

The New York Mets announced on Saturday that they will be forced to sell off a 25% share in the team after their involvement with the Bernie Madoff scheme has come to a head.

The Mets owners are facing millions in lawsuits from the scam that was pulled off by former financier Bernie Madoff. The owners were heavily invested in the scheme and now their involvement has become a major financial liability.

The trustee in charge of the estate for Madoff has filed nearly a dozen suits against the Mets owners, each one for several million dollars. A court has already found the owner to be financially liable in the suits and now comes the time for the settlement talks.

The idea that they would sell off a 25% share in the team has become a major point of debate around the sporting world. The first order of business for the team would be to seek approval from the league. Any new owners must first be approved by the league and then the team would be able to continue with the sale.

There are several interested parties in the share of the team but the owners have not made any moves towards approval. The financials of the deal will have to be determined before any paperwork can be prepared.

One investment group has already planned to throw their hat in the ring for the new team ownership of the Mets and thus far the partners in the firm have not revealed their identities.