I just skimmed the Sports Illustrated Article about Fred Wilpon and I came away bored. It’s like New Yorker Article Lite.
I don’t really care about Fred’s money, real estate, upbringing, etc….so I guess this wasn’t the article for me.
Two articles along the same lines makes me believe there was a Wilpon PR strategy which appears to have majorly backfired, at least in terms of the sports page.
Two things that I thought would interest you guys…
The payment was based on the return Bonilla would’ve received had he invested the $5.9 million at an interest rate of 8% (which was just below the 8.5% prime rate at the time).
Why would the Mets make such a deal? The Bonilla money would be invested with Madoff, from whom the Mets expected the usual 10 to 12% return, or two to four percentage points above the rate they guaranteed Bonilla. “We were going to make money on Bobby Bo’s $30 million,” says one official who was at the meeting. “I remember the chuckling in the room.”
…
The relationship between Wilpon and Doubleday, who lived three miles apart, had grown so toxic that they rarely spoke—except when Doubleday wanted to complain about Jeff Wilpon, who had risen to the title of Mets COO. Says Fred, “There’s no question there were not good vibes between us. Today I see Nelson, and it’s not a problem. I don’t have animosity toward him today. He hated Jeff. He didn’t like Saul. He didn’t like anybody in my family. He liked Judy. Everybody likes Judy.”
This Doubleday seems like a sharp guy…I wonder if he invested with Madoff.
Bobby Bo is no slouch either….maybe he can buy the Mets.
It appears that Fred acting like a two-bit Steinbrenner has completely backfired. His team rolled over tonight…he will probably get less of a return if he has to trade Reyes and Beltran…and he admitted publicly that his team is bleeding money, making it harder to sell.
On the other hand, I don’t think anybody now believes he was smart enough to know Madoff was a crook.
By “backfired,” are you suggesting this was some kind of motivational ploy?
Nobody who’s watched this team for any length of time could possibly expect them to respond positively to such a challenge. For crying out loud, they still haven’t countered Minaya saying they have no edge and Cole Hamels calling them choke artists.
I don’t think it was a motivational ploy…I think he is basically a good guy letting off steam…maybe trying to get some press (the old “any kind of publicity is good publicity” argument).
His main mistake is pretty obvious…TRUSTING THE WRONG PEOPLE…
MINAYA
JEFF
SAUL
CHARLIE SAMUELS
MADOFF
Unfortunately, the franchise is pretty rotten to the core now. New ownership is required.
I wonder if we’ll be hearing “SELL THE TEAM!” chants raining down from the Upper.. excuse me, Promenade this weekend.
There aren’t enough Phish fans at games to get a good Wilpon (Wilson) chant going.