Mets-Madoff Lawsuit Unsealed

Here is the full statement regarding the lawsuit against New York Mets owners Fred Wilpon, Jeff Wilpon and team president Saul Katz. The three men are being sued by Irving Picard, the trustee for Bernie Madoff victims. The lawsuit was unsealed today, claiming that the Wilpons made over $300 million in profits from Madoff, while the Wilpons claim they lost $500 million. Last week the Mets announced that they were discussing selling a portion of the team to help settle the lawsuit, a stake perhaps as high as 25%. As soon as the announcement was made, many doubted that the Wilpon's would just be able to sell a stake in the Mets, and might have trouble raising the funds with selling a portion of SNY, a regional cable channel, in which they own a 65% stake in. Comcast CMCSA and Time Warner TWC own the rest. Recently, the Wilpons have been more amenable to potentially selling a portion of SNY to settle the lawsuit, should they not be able to find a buyer for a portion of the Mets. Earlier this week, the Wilpons met with MLB Commissioner Bud Selig to discuss the situation, including the potential sale of a stake in the Mets.