“Wilpon’s Folly” by Howard Megdal

I almost missed this story in the NYP but I think it’s a VERY telling look into our intrepid owners.

Our old buddy Howard Megdal, if you recall he once campaigned for Met GM, wrote a book called Wilpon’s Folly where he reports the Wilpons ran to their old buddy Selig for help escaping the fate of eventually selling the team to Einhorn. 

To recap Einhorn was set to plunk down 200M to help bail out the cash strapped Wilpons.

Earlier this year, hedge-fund titan David Einhorn would get a 17 percent minority stake in the Mets and the caveat that if Einhorn wasn’t repayed in five years, he could a majority stake for not much more.

Wilpon agreed but then must’ve realized he likely wasn’t going to be able to pay back that 200M, panicked and ran to Selig to have MLB veto the deal so Fred could say “sorry wasn’t me, not my fault” 

Sure does sound like something the Wilpons would do right? Make a terrible deal with a much savvier business man than themselves. Of course everyone denies:

MLB lawyer Rob Manfred said, “I don’t believe the account in the book is accurate. I think the reason the deal did not come to fruition is the two parties did not have a meeting of the minds on a key provision in the deal.”

Well that’s a pretty tepid denial, “I don’t believe”… “I don’t think”… pretty wishy washy and def sounds like the MLB lawyer is stopping short of denial.

Of course the Mets weren’t so non-committal as a team spokesman said, “The author’s desperate self-promotional campaign for relevance has led to perpetuating baseless speculation and complete inaccuracies.”

Pretty angry words from the Mets…

Megdal told The Post he stands by his reporting and I gotta say I believe him simply because this sounds like it’s got Wilpon move written all over it.

I’m just sayin’…

5 Responses to ““Wilpon’s Folly” by Howard Megdal”

  1. Florida Met Fan Rich Says:

    We have now been down graded to a Double A team! This team is full of “Cock and Bull” and fueled by “Smoke and Mirrors”!

    They are feeding us this line of crap about building the team through the farm system in one breath.

    Then in the next breath they are getting rid of the Mets Gulf Coast farm team to save money.

    Before you know it you will be making your own pretzels and pouring your own beers at the ballpark because they have laid of the vendors.

    This team is lower than an ameba’s stomach!

  2. CowCrusher Says:

    I am still willing to throw ten bucks in and get a “piece” of the (in)action:-P

  3. USMF Says:

    I’m telling ya, MLB has secretly taken over the Mets and instructed Alderson to cut all costs in order to try to save the team.

    This bubble of protection that Bub and made for Fred is about to explode…

  4. Florida Met Fan Rich Says:

    I have a great idea RAISE SRING TRAINING TICKET PRICES!…OH, wait, you have already done that.

    How about PAY TOILETS?

  5. Matt the Met Fan Says:

    Nice call BMF .. I heard some of these claims by the Megdal book .. it explains why Einhorn pulled out of the deal .. that’s so sad ,, good luck selling those small shares ..

    some will claim there is no proof - hard proof - to verify this Megdal claim but seriously anyone doubt this? .. Selig and Wilpon , BFF”s, enjoy one thing: Anti trust ..

    Please sell Wilponzi’s!! .. maybe Einhorn’s silence and not public outrage is a good sign that he might still be in the picture!

    70 million loss in 2011? you aint seen nothing yet..

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