Fay Vincent: Mets’ $25 Million Loan A ‘Concern’
NEW YORK (WFAN/AP) – According to former commissioner Fay Vincent, the Mets’ $25 million loan from Major League Baseball raises some serious questions.
“Any time a team has to come to baseball for money, it’s a great concern,” Vincent told the NY Post over the weekend.
Hounded by a multimillion dollar lawsuit filed by the trustee trying to recover money for victims of the Bernard Madoff pyramid scheme, the Mets acknowledged that they received a loan in November to help cover expenses.
“Other teams have to be worried,” Vincent added. “There are implications for everyone.”
The trustee, Irving H. Picard, sued Mets owner Fred Wilpon, brother-in-law and team President Saul Katz and various family members and entities related to Sterling Equities, seeking at least $300 million.
“I’m sure it was very painful for Fred and painful for Bud (Selig),” said the former commissioner. “This is not the kind of thing that’s done lightly. I’m sure they played it straight. There are so many people involved in this kind of deal. It’s hard to imagine that it wasn’t.”
The Mets announced last month they were looking to sell a non-controlling interest in the team of 20 to 25 percent to raise several hundred million dollars. Wilpon insisted his family would remain in control of the team. Vincent said Wilpon “is a proud man and to go to baseball for money must have been gut-wrenching” for him.
“The whole thing is very unpleasant,” said Vincent. “No one likes to see a team in trouble. It’s a sad occasion.”
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