The Wilpon family, owners of 100% of the New York Mets, have recently stated that they will entertain offers to sell up to 25% of the team. The family had previously said they never wanted to give up any portion of the team, but a recent lawsuit related to the Bernie Madoff Ponzi scheme has forced them to rethink that stance. The lawsuit reportedly seeks to recover between $300 million and $1 billion from the Wilpons, money that would be used to compensate the other Madoff victims.
The Wilpons, largely-known for their real estate success, have consistently said that the Madoff scandal would not affect the Mets financially. This lawsuit essentially aims to prove that the family actually profited from the scheme. If that is the case, then the sale of 25% of the team — recently valued by Forbes at upwards of $800 million — likely wouldn’t even be enough to cover the low end of the lawsuit estimates.