What's Your Language?

Wednesday, February 15, 2012

Selig giving Mets Ownership the wait and see approach about their finances

According to FoxSports.com's  Ken Rosenthal, the Mets ownership is getting the Selig’s wait-and-see approach, while this may be frustrating to many Mets fans, is no different than his approach on most issues. He prefers teams to resolve their own problems, without interference from the commissioner.

Selig is betting that the Mets’ picture will become clearer over the next several months — and he indeed may be proved correct.

The way the Mets see it, they are on the verge of raising $200 million from minority investors. That money will help them pay back a $25 million loan to baseball, a $40 million bridge loan to Bank of America and part of a $375 million loan on the team.

The Mets also believe they will prevail over Irving Picard, the trustee for the victims of Bernard L. Madoff. Picard initially sought $1 billion in claims against Wilpon and his co-owner, Saul Katz, but U.S. District Court Judge Jed Rakoff already has knocked down that figure.

Rakoff threw out most of Picard’s claims, leaving him to seek about $386 million. For Picard to claim more than about $83 million, he must prove that Wilpon and Katz were “willfully blind” to Madoff’s wrongdoing — something that the owners deny.

So Selig apparently will take all of this into account before he makes a brash McCourt (expelled from MLB) type decision. A decision which many Mets Fans might be rejoiced about.. They may even greet the owner at the door..

The end is not yet near for the Wilpons, not with so many variables in play. But at some point, the best interests of the game of Baseball might come first.

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