NEW YORK (WPIX)—The owner of the New York Mets may have to put the baseball franchise up for sale after incurring major losses in the Ponzi scheme run by Bernard Madoff, according to a new book written about the disgraced hedge-fund manager.
Fred Wilpon, the owner of the Mets, lost about $700 million in the scam, according to Erin Arvedlund, author of "Too Good to be True," which hit book shelves earlier this month. In the book, Arvedlund writes that Madoff and Wilpon had a long standing relationship since they first met a few years back. She said Wilpon was one of the big-wigs that had invested with Madoff.
The team's management have recently come under fire for failing to obtain players, such as Manny Ramirez - causing many to speculate the team didn't have enough cash to acquire such pricey players.
But the Amazin's are refuting the claims.
A Mets spokeswoman told PIX News by email, "The author of the book has no knowledge or facts related to the Mets business operations or finances. Her speculation that the Mets -- or any part of the team -- is for sale is completely false and is irresponsible."
Some bankers have speculated Wilpon would only be forced to sell a fraction of the team - including selling a portion of the Mets cable TV channel SportsNet New York.
In April, Forbes magazine estimated the Mets net worth to be $912 million.
Madoff pleaded guilty to 11-felony counts on March 12. He was arrested back in December after he confessed to his sons that he was behind one of history's biggest financial frauds -swindling investors out of $65-billion. Madoff is serving a 150-year prison term.