NEW YORK ( TheStreet) -- JPMorgan Chase (JPM) is reportedly leading yet another effort to provide financing for the New York Mets as the overleveraged, Ponzi-schemed baseball team's owner seeks to shore up its balance sheet.
According to the New York Post, the Mets "desperately" need tens of millions of dollars to cover basic operating expenses and have sought financing assistance from JPMorgan. The bank, which is a central financier for Major League Baseball, corralled a team of lenders including Bank of America (BAC) and Citigroup (C) to lend $430 million to the Mets last year.
The Mets' finances have gone asunder due to the owner's involvement with Bernard Madoff's Ponzi scheme. The owner, Fred Wilpon, got out just in time before Madoff was caught, reaping a $48 million profit from his investments with the fraudster's investment firm. But he's been targeted by Irving Picard, the trustee for victims of Madoff's scheme, who's reportedly seeking to recoup as much as $1 billion from Wilpon.As a result, Wilpon is
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