Everything Everywhere Daily · Tuesday, June 30, 2026
Bernie Madoff's Ponzi scheme collapse in 2008 crippled the Wilpon family's finances and severely damaged the Mets. The subsequent lawsuit settlement led to the Mets slashing payroll and selling off ownership stakes. Hedge fund manager Steve Cohen eventually purchased the team for $2.4 billion in 2020, inheriting the Bobby Bonilla contract.
“In 2008, Madoff's scheme fell apart, crippling the Wilpon family fortune and, by extension, the New York Mets.”
“In the wake of the decision, the Mets slashed payroll by unprecedented amounts and began selling the team off in 4% blocks to raise revenue.”
“Cohen purchased the Mets for $2.4 billion and, in the process, inherited the Bobby Bonilla contract.”