I -- and even people within the organization -- have long suspected the Wilpon family that owns the Mets lost more money than they have let on to convicted Ponzi-scheming con man Bernie Madoff. That would explain the cutting corners, such as not taking a full contingent to the winter meetings, the lack of depth that helped cost them their season and the unwillingness to take on contracts midseason to try to patch together a better club.
And now the author of a book on Madoff says the Wilpons will eventually have to sell the Mets to cover their losses.
The Wilpon family, led by Mets owner Fred Wilpon, lost about $700 million because of Madoff, according to Erin Arvedlund, author of "Too Good to Be True," published earlier this month.This is a tragedy for the Wilpons. But considering how things have gone since Madoff was exposed, it might not be a bad thing for Mets fans.
Arvedlund said she does not know the terms of the Wilpons' bank loans but said the losses are steep enough that a sale of the baseball team is certain.
"It's qualified by when," she said. "It's possible they would have to sell by next year."