Mets Searching for 'Strategic Partners' With Madoff Lawsuit Ongoing

January 28 2011 Last updated at 01:10 PM ET

The New York Mets announced that they are looking for "strategic partners" as they continue to feel the financial pressure of a lawsuit brought against Sterling Equities -- Fred Wilpon's real estate investment firm, which also owns and operates the Mets -- by the trustee of victims of Bernie Madoff's Ponzi scheme.

In a conference call with the media, Fred and son Jeff said they are looking to sell up to 25 percent of the team, perhaps to multiple stakeholders. Citi Field and SNY, which are also owned by Sterling, will not be part of any deal, however.

"At the outset I want to emphasize what we are discussing today has not or will not affect the Mets day-to-day operations and control," Fred Wilpon told reporters. "Let me stress, at the end of the day we may or may not do anything."

We have known for quite some time that the Wilpon family was connected to Madoff, who defrauded investors of billions of dollars before he was arrested in 2008. We have also known since late 2010 that the Wilpons were being sued by that trustee, Irving Picard, a sign that the family actually profited as a byproduct of Madoff's scheme.

What hasn't been clear until now is just how that lawsuit will effect the day-to-day operations of the Mets, and the team's admission that it is looking for investors is the first public sign that the impact could be significant.

Picard, according to a New York Times report released after the team's announcement is seeking as much as $1 billion in the lawsuit.

"I think (Wilpon) has a very serious problem," a source with knowledge of the Madoff case told the Times. "If that's true, he might have to sell the Mets."

The Mets, of course, insist it will not come to that.

"To address the air of uncertainty created by this lawsuit, and to provide additional assurance that the New York Mets will continue to have the necessary resources to fully compete and win, we are looking at a number of potential options including the addition of one or more strategic partners," the team's statement read. "To explore this, we have retained Steve Greenberg, a managing director at Allen & Company, as our advisor [sic].

"Regardless of the outcome of this exploration, Sterling will remain the principal ownership group of the Mets and continue to control and manage the team's operations. The Mets have been a major part of our families for more than 30 years and that is not going to change."

Greenberg, the Mets' adviser, also discussed the search with reporters and stressed the open-ended nature of talks as well as the draw of the team, characterizing the expected interest level in minority stakes as "robust."

"We'll see how it plays out," he said.

"The Yankees, from the beginning of time, have had minority partners."

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