Major League Baseball

Mets owner: Team 'bleeding cash,' could lose $70M

Published May. 25, 2011 12:10 a.m. ET

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Mets owner Fred Wilpon says his team is ''bleeding cash'' and could lose up to $70 million this year.

Wilpon tells Sports Illustrated in its current issue that he's made a lot of poor judgments. He says trusting Bernard Madoff was his biggest regret.

The Mets were caught up in Madoff's Ponzi scheme. Wilpon tells SI that the Mets ''became in jeopardy'' after a court-appointed trustee wanted the team's owners to repay $1 billion to Madoff's victims.

Wilpon also says there could be an agreement within three weeks to sell a minority share of the team.

Earlier this week, Wilpon took some pointed shots at Mets stars Jose Reyes, Carlos Beltran and David Wright in a magazine story in The New Yorker.

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