Rumors have it that the Fred Wilpon and Saul Katz have narrowed the list of suitors and could sell the minority stake as early as June 1. However, what one news site is reporting has me thinking the selling the team altogether is the best option for all parties involved.
The Wilpons got themselves into this situation because of Bernie Madoff. They have a chance to redeem themselves by selling a stake of the Mets to another party. With the massive $1 billion lawsuit they are facing, they should not be getting involved with a man who may be investigate himself for insider trading on Wall Street. I’m talking about hedge-fund billionaire Steve Cohen.
Here’s the story as reported by the Times-Herald Record:
…a letter to investors last November that it had received an “extraordinarily broad” subpoena from federal prosecutors probing insider trading on Wall Street. On Friday, MarketWatch reported that federal prosecutors investigating potential insider trading are probing a stock portfolio personally overseen by Cohen — known as the “Cohen Account” — within the hedge fund.
So while the Wilpons and Katz already have their legal woes, they are going to bring on someone who has his own problems. I understand that Major League Baseball has to approve this, which I doubt they would. Yet I have to question why Cohen would even be considered when there are other options out there. His name should not even be on the list of suitors because, as far as I am concerned, he is not suited for this team.
From the naming rights of the new ballpark to this lawsuit, there has been nothing but trouble surrounding these men. It needs to stop. Bringing on Cohen will only make matters worse and will completely isolate the fans of a franchise that has had bad publicity for too many years.
I have rarely questioned Fred Wilpon. Only his son, Jeff, who I feel makes Lindsay Lohan look like Albert Einstein. This time I have to. I question if he truly has the best interest of this team at heart or if he wants somebody on board who can hide something. I will officially go on record to say the Wilpons and Katz need to sell this team entirely.
There are too many questions surrounding this decision.