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Mets Sold - Steve Cohen Buys 95% of Mets

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  • #31
    With the season in jeopardy, Jeff Wilpon mentioned that the only way that teams would agree to starting the season back up without fans in the stands would be if players took a major pay cut. Think that the WilKatz are regretting screwing up the Cohen deal? There is no way that they are going to get an offer close to that anytime soon. And they have major bills to pay without any revenue to pay them.

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    • Brian Stark
      Brian Stark commented
      Editing a comment
      Serves 'em right, greedy bastards.

      And frankly, if I was a prospective buyer, I'd be leery seeing how they shit all over Cohen, a minority owner, on the way out of the negotiations.

      Once a classless bastard, always a classless bastard.

  • #32
    A-Rod, J-Lo retain J.P. Morgan in a possible bid for Mets, per reports

    NEW YORK -- Alex Rodriguez, once again, wants to be like Derek Jeter.

    A-Rod and fiancée Jennifer Lopez have retained J.P. Morgan to represent them in raising capital for a possible bid for the New York Mets, according to multiple reports.

    The move was first reported by Variety.

    A three-time AL MVP, Rodriguez retired in August 2016 with 698 home runs, a .295 average and 2,086 RBIs in 22 years. He was suspended for the 2014 season for violations of Major League Baseball's drug agreement and labor contract.

    A-Rod, now 44 years old, earned about $448 million as a player. The 14-time All-Star started his career with Seattle, signed a record contract with Texas in December 2000, and then moved from shortstop to third base when he was traded from the Rangers to the New York Yankees ahead of the 2004 season.

    Jeter, the Yankees captain and shortstop, retired after the 2014 season and was elected to baseball's Hall of Fame in January. He became CEO of the Miami Marlins as part of the team's sale from Jeffrey Loria to a group headed by Bruce Sherman in October 2017.

    The Mets' ownership is headed by Fred Wilpon, brother-in-law Saul Katz and Fred Wilpon's son Jeff, the team's chief operating officer. The team said Dec. 4 it was negotiating an agreement with Steve Cohen. The hedge fund manager bought an 8% limited partnership stake in 2012 for $40 million. The deal under discussion would have seen him acquire an 80% controlling share in a transaction that values the team at $2.6 billion, and the Wilpons would have remained in place for five years.

    The sides announced the deal's collapse on Feb. 6, and the Mets' owners said they intended to find a new buyer. Allen & Co. represents the Mets' owners.

    Given the drop in equities prices caused by the new coronavirus pandemic, the next few months figure to be a difficult time to raise money for a bid.

    The Associated Press contributed to this report.

    https://www.espn.com/mlb/story/_/id/...ts-per-reports
    A-Rod taking first steps

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    • #33
      New York Mets: The Franchise No One Wants

      The New York Mets are still for sale, but no one is stepping forward to purchase the beleaguered franchise.

      by David Hill Follow @onenamedave1
      8 May 2020

      NEW YORK, NY - The long standing nightmare for New York Mets fans continues. The Wilpons are still in control of the franchise, despite a previous agreement to sell. However, given their demand to control the franchise for another five years despite not owning the team, one can understand why that attempt fell through.

      Then there was a glimmer of hope in an expected place. Alex Rodriguez and Jennifer Lopez were interested in purchasing the team and were looking for others to join their attempt. It was a strange image to have A-Rod as the saviour on a white horse, but desperate times call for desperate measures.

      Alas, that most recent bid has fallen through, as their attempt to purchase the Mets has come to an end. They simply were unable to attract the backing needed, nor were they able to find co-owners for their attempt.

      It is easy to understand why. The Mets are hemorrhaging money currently and could lose as much as nine figures if the season is not played. Likewise, the Wilpons have not exactly been known for their financial acuity, having been swindled by Bernie Madoff while somehow managing to avoid turning a franchise in a media centre into a cash cow.

      Likewise, with the ongoing pandemic, people everywhere are watching their finances dwindle. This is the worst possible time to be attempting to sell a franchise, but it is also a situation that the Wilpons could have avoided had they been willing to cede control. Instead, they may be lucky to get even 75% of the previously agreed upon purchase price.

      Frankly, does anyone even want the Mets right now? The Wilpons don’t, considering their willingness to give up command of the franchise. No one was willing to join the A-Rod-JLo power couple. And through it all, the fanbase is just waiting for their nightmare to end, for someone to come in on that white horse and rescue them from the depths of indifference.

      The New York Mets are still for sale. However, like a rusted out Ford Pinto, no one is interested.


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      • #34
        I don't know if I would take a Fansided "article" too seriously...I don't agree that the Mets are a Pinto that nobody wants...it's more along the lines of: nobody wants to agree to the Wilpon's crazy terms...they want a ton of money; they want about the only American more incompetent than Donald Trump to be in charge even if they sell; they don't want to give up SNY and the television revenue

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        • #35
          Cohen seems to be back in again.

          https://bleacherreport.com/articles/...rt-in-february

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          • #36
            Originally posted by abat View Post
            he sounds like the only option that is willing to pony up what the Wilkatz want...

            I do wonder, if Arod will somehow get eventually attached to whoever wins the bidding war...maybe for the right price, Cohen will allow ARod to pitch his 1+24 "all about me" tent in the parking lot

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            • #37
              MLB Pre-Approves 7 Bidding Groups For Mets


              by Jeff Todd
              30 Jun 2020. 11:48AM CDT

              While it’s fun to imagine Alex Rodriguez and Jenifer Lopez overseeing the Mets from an ownership suite, they’re not alone in their bidding group … and there are plenty of other competing outfits eyeing the New York organization. At the moment, it’s far from clear just how the ownership transition will turn out.

              Seven different groups have received pre-approval from Major League Baseball to pursue the Mets, Scott Soshnick reports at Sportico.com. That includes the three primary bidding groups that have already emerged publicly. The identity of the four other potential suitors remains unknown.

              In recent years, we’ve seen teams change hands via differing mechanisms. Last year, John Sherman purchased his hometown Royals in a very quiet, tidy process. The 2017 Marlins sale occurred after a very public, long-running bidding process involving quite a few famous names.

              It appears we’re headed for the latter scenario here. While the Mets had seemingly lined up an agreement with minority owner Steve Cohen, that prospective deal collapsed and left the Wilpon ownership group in need of outside bidders.

              Under the circumstances, the Wilpons are surely interested in maintaining the interest of a fair number of reasonably serious bidders, at least for the initial phase of the process. First-round bids will be solicited in July, according to Soshnick.

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              • #38
                Steve Cohen Expected To Reenter Mets Bidding


                by Jeff Todd
                6 Jul 2020, 7:51 PM CDT

                Move over, A-Rod/J.Lo? Steve Cohen, whose prior deal with the Mets collapsed, is evidently lurking for a second attempt. Thornton McEnery of the New York Post reports that the billionaire is preparing to participate in the first round of bidding.

                Cohen had an agreement all but locked up with the existing Wilpon ownership group. But the unusual accord left substantial control rights with the Wilpons for a period of time and the sides ultimately came to disagree over how the transition would occur.

                That original pact fell apart in early February, making for an inopportune timeline for the Wilpons. Cohen was (and is) a minority owners of the club; talks with him occurred without a broader bidding process. So when things collapsed, there wasn’t another party to turn to. And then came the coronavirus pandemic.

                While there are multiple parties showing real interest in pursuing the franchise, there’s no indication to this point that a serious bidding war is underway. Cohen is said to have been “monitoring” the situation and still seems to be far and away the most qualified bidder. The Wilpons are reportedly asking for $2B — well less than what they would’ve originally received from Cohen — and don’t appear to have much hope of reaching that figure unless he jumps back into the picture.


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                • #39
                  Five Potential Mets Buyers Submit Bids


                  by Steve Adams
                  9 Jul 2020, 10:16 PM CDT

                  10:16pm: Charles Gasparino of FOX Business tweets that Cohen has told the Wilpons he’d be willing to pay $2 billion for the team and $2 billion for SNY. It’s not entirely clear that offers on SNY are even being entertained, though Cohen could certainly make an aggressive bid to buy a controlling stake in hope of forcing the Wilpons’ hand. If the numbers here are accurate, it’s hard to envision most other buyers being able to compete.

                  9:05pm: The initial bid from the Rodriguez/Lopez group is “around” $1.7 billion, Thornton McEnery of the New York Post tweets.

                  8:40pm: At least five interested groups formally submitted bids to buy the Mets on Thursday, Sportico’s Scott Soshnick reports. Among them are previously reported groups led by Alex Rodriguez and Jennifer Lopez; New Jersey Devils and Philadelphia 76ers owners David Blitzer and Josh Harris; and, perhaps of most intrigue to Mets fans, New York billionaire and current minority stakeholder Steve Cohen. All offers submitted today are preliminary, non-binding offers which can still be altered, Soshnick writes.

                  Cohen was not only in talks to buy the Mets in late 2019 and early 2020 but actually had an agreement in place to increase his stake in the team from eight percent to 80 percent over a five-year period. However, that deal fell apart in February — reportedly after managing partner Fred Wilpon and son Jeff (the Mets’ COO) sought to alter some terms at the eleventh hour. Neither party would comment directly on why the deal crumbled. Cohen said in a statement at the time:

                  I’m very disappointed we couldn’t work out a deal, but as an eight percent holder I’m looking forward to a higher bid for the team. I want to thank the fans for their support and the respect they showed me and I want to thank Commissioner Manfred and MLB for their support through the process. I gave it my best shot.


                  Cohen, a New York native with a net worth estimated at one point to be in excess of $13 billion, grew up as a Mets fan. That has given current fans hope that he could substantially up the team’s payroll in the event that he is ultimately victorious in his apparently renewed pursuit of a purchase. Whether that was actually the case earlier this year can’t be known, and it’s particularly up for debate whether it’d play out in such a manner following substantial revenue losses and a stark economic downturn. Cohen’s initial bid on the Mets was reported to be a whopping $2.6 billion. Updated bids are expected to be lower, however, due both to recent economic turmoil and the fact that the current sale is said not to include any stake in the SNY Network.

                  The other ownership groups, of course, shouldn’t be counted out. While few can match Cohen’s considerable net worth, the A-Rod/J-Lo group recently enlisted Florida Panthers owner Vinnie Viola and VitaminWater and BodyArmor co-founder Mike Repole to bolster its resources. Harris and Blitzer already own a pair of U.S. sports teams, and Harris has a minority stake in an English Premier League club, so this is familiar territory.

                  There’s also been reported interest in the Mets from U.K. billionaires David and Simon Reuben. The brothers carry a net worth even greater than that of Cohen — a reported $14 billion — and have interest in expanding their broad-reaching real estate and retail enterprise into New York in the near future. Bloomberg reported that they recently purchased retail space in Manhattan, and they’re said to have interest in developing the land around Flushing’s Citi Field. Whether they’re one of the five (or more) groups to have formally submitted a bid isn’t yet clear.

                  As many as seven groups were pre-approved by Major League Baseball recently. The Wilpons are aiming to complete a sale of the team by end of year.


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                  • #40
                    https://twitter.com/RisingAppleBlog/...36205485551618
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                    • #41
                      https://twitter.com/CGasparino/statu...55569797484544

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                      • #42
                        https://twitter.com/timbhealey/statu...55863600766976

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                        • #43
                          https://twitter.com/nypostsports/sta...26633263894528

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                          • #44
                            https://twitter.com/nypostsports/sta...93075140698113

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                            • #45
                              https://twitter.com/AmazinAvenue/sta...31225040850946

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