The Wilpons Are Going Nowhere, Part II—Evil Fred

It’s time to stop with the “yeah buts” and come to the realization that the Wilpons are more resourceful than they’ve been given credit for. Fred Wilpon didn’t get rich by being stupid and the money they’re borrowing, while viewed as a desperate lifeline with the opportunity to pay down a debt that’s set to rise exponentially in 2014, is a daily business endeavor for people who have the money to purchase a sports franchise in the first place. If a person owes the banks hundreds of millions of dollars, it benefits neither the banks nor the borrower if there’s a default. In fact, it’s a disaster. Therefore it behooves the Wilpon creditors to help them, and if that means providing a loan at favorable terms and the Wilpons borrowing against SNY, then that’s what they’re going to do. It’s easier to assist the current owner than it would be to stage a liquidation or for MLB to force them to sell the Mets.

Since the Bernie Madoff swindle was exposed, there’s been an overt attempt to display the Wilpons in an unfavorable light by tossing everything that’s happened to them personally and with their ballclub into one giant Dutch oven and somehow concoct a palatable meal with ingredients that don’t mesh.

When they backed out of the agreed upon deal with David Einhorn they were “being the Wilpons.” Actually, the deal was unfavorable to them as Einhorn wanted significant say-so in the operations of the club and preapproval as majority owner. With Einhorn being so aggressive, the relationship was doomed to end with a power struggle for control of the club and it was a battle that the Wilpons, still trying to find their financial equilibrium, would probably not be in shape to win. They were wise to pull out from it when they had the opportunity to do so.

Steve Cohen and Jim McCann were buying their way in? Both have questionable histories in their business lives with Cohen employees investigated and arrested for insider trading and McCann’s 1-800-Flowers operation accused of overcharging customers.

Is it the people or is it the businesses they’re involved in that leaves them ripe for financial mistakes that, to the layman, would view as “illegal” or “wrong”? I have no idea what Cohen and McCann were up to. Perhaps they knew what was happening with their companies and perhaps they didn’t. Either way, it’s ridiculous to link that with Wilpon involvement. Because these people were investing in the Mets, it was equated into the Wilpons being at fault as if they’re supposed to comb over every little instance in a friend/potential business partner’s past before accepting his or her money to be a partial owner of the club.

Bill Maher bought his way in as well and he’s a controversial, potty-mouthed, unabashedly left wing political commentator and comedian who likes to smoke pot. Does that mean that Fred Wilpon is sitting in Maher’s Jacuzzi with a group of strippers and getting high? Given the nature of the attacks against the Mets owners, I wouldn’t be surprised to see the implication.

All that’s missing is the ominous music in the background, Fred and Jeff Wilpon walking in slow motion, and a ludicrous connection from so far in outer space that people believe it because it’s so asinine.

Every huge business with tentacles flowing all over and poking multiple pies on numerous platforms will have circumstances that don’t look quite right. Sometimes that’s intentional and sometimes it’s not.

In opposition to the obvious accusations of graft that accompanied Frank McCourt’s tenure as Dodgers owner in which MLB essentially shoved him out the door as bankruptcy filings indicated that he was possibly taking money from the club to maintain a lavish lifestyle like some sort of Beverly Hillbilly, the Wilpons are well-liked by the other owners in baseball and Fred Wilpon is close with Commissioner Bud Selig. Selig, if he could help it, wasn’t going to take steps to force the Wilpons out. Perhaps it was friendship or perhaps it was that Selig and his inner circle people examined the Wilpons’ plans and understood that if they settled the Madoff lawsuit with trustee Irving Picard, regained some of the money they lost, and got their array of businesses back on solid financial footing, then they could do as they just did and secure a loan to have more cash available to spend on the team.

While the easy decision is to take that money and purchase cosmetic upgrades, given the manner in which GM Sandy Alderson and his staff have gone about rebuilding the farm system and swiped top prospects from the Giants (Zack Wheeler) for the soon-to-be-free agent Carlos Beltran in the summer of 2011 and Blue Jays (Travis d’Arnaud and Noah Syndergaard) for R.A. Dickey, it would make little sense to spend for the sake of it. There are players out on the market that can help the Mets, but the strength of the NL East and their own weaknesses makes it risky to even part with a second round draft pick as compensation plus pay the amount of long term dollars it will to get a Michael Bourn. The Mets could use Bourn, but is it worth it at his agent Scott Boras’s current requests? No.

The important fact is, though, that they can do something significant with the money available. This team isn’t far away from contention. With the young pitching they’ve accumulated; their new young catcher with All-Star potential d’Arnaud; David Wright having re-upped to stay long-term; the pitching and Ike Davis, they’re on the verge of taking the next step.

It has to be remembered that the Madoff nightmare began in December of 2008 when the contending Mets from 2006-2008 were on the downside of that cycle. It took another two years for the entire apparatus to come down completely with Omar Minaya fired and a new regime—with the aforementioned limited funds and mandate to rebuild the farm system—in place with Alderson.

Five year plans are five year plans for a reason. It takes at least three to get rid of the dead weight (Jason Bay); change the template of how they find players; draft well and let the young players develop; and to alter the perception of the team as a dead-end, transforming it into a destination that players will welcome rather than use because they were traded there or have no other choice.

It’s hard to remember, but there was a time that no one wanted to go to the Phillies, the Dodgers, the Yankees, the Red Sox. Things change.

No matter when the club finally turns the corner, the Wilpons will be the owners of the team. They’re going nowhere. By the time 2014 rolls around (or even 2013 if the young pitching comes along faster than expected), no one’s going to say a word about the ownership since the on-field product will make the Mets fans and fans in general forget that Bernie Madoff even existed and the media members whose agendas are all-too-clear will run out of places to put the goalposts to salvage their predictions—few of which have come to pass.

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  1. #1 by Andee on January 9, 2013 - 6:27 am

    They would lose a first round pick for signing Bourn. Because of some quirk in the CBA, the Pirates are picking at #9 because they didn’t sign their first-round pick from last year, which bumps the Mets down to #11.

    Yeah, it’s a real burn, I know. Imagine our problem being not sucking enough last year! Heck, if it was “just” a second rounder, I’d think about kicking the tires on Bourn, at least on a pillow deal, given our paucity of outfielders either on the major league level or in the upper minors.

    But has any GM had to clean up or dance around the kind of mess that Sandy has? He’s paying one guy with a balky shoulder $30 million to pitch this year, and another guy in eight figures not to play for him, and he had nothing to do with acquiring either one of them. I don’t entirely blame Minaya for that, either, that was just the team’s funny money approach and would have been so regardless of who the GM was.

    But yeah, Wilpon =/= McCourt; the longest tenured owner in the game probably does get some special dispensation because of his longevity. Fred, that is. Once he’s gone, and Selig is gone, and Sandy is commissioner (since he’s Selig’s most likely successor), Jeff is going to find himself out in that canoe with one oar. And I’ll bet that under those circumstances, he will sell. I don’t think he cares anywhere near as much about being the Brooklyn Dodgers as his dad does.

    • #2 by admin on January 9, 2013 - 2:46 pm

      Thanks. The CBA draft pick compensation is a nuanced nuisance.
      The problem with these old-school owners is that they not only don’t want to sell, but they make it difficult through legal loopholes to allow their heirs to sell. That seems to be the case with the Steinbrenners and the Yankees as George made it very, very hard for them to sell the team. That might be why they’re selling chunks of YES and making this over-the-top effort to reduce payroll: because they’re taking steps to sell the team.

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