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Mets Sold - Steve Cohen Buys 95% of Mets

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  • #76
    Originally posted by Brian Stark View Post
    I'd be interested to read the Doubleday portion of that article once available...

    the original article (the 3 part rockaway version was written a couple years afterwards but by the same author):


    • #77

      Sterling Partners, Cohen Agree to Mets Sale

      by Anthony DiComo @AnthonyDiComo
      14 Sep 2020

      NEW YORK -- The Wilpon family announced Monday that it has signed an agreement to sell the Mets to Steve Cohen. The transaction is subject to the approval of the other Major League Baseball owners and is worth slightly more than $2.4 billion, according to a source -- a record for a North American professional sports team.

      “I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets,” Cohen said in a statement.

      Cohen, 64, is a hedge fund manager and lifelong Mets fan who currently owns an 8 percent stake in the team. He attempted to purchase a majority share of the Mets last November, but negotiations fell apart. In that deal, the Wilpons would have retained operating control of the Mets for five years.

      Sterling Equities, the Wilpon-run parent company of the Mets, subsequently put the team up for auction, before again entering exclusive negotiations with Cohen this summer. This time, the sides struck a deal to transfer ownership within months, announcing Monday that they signed a record sale agreement. The $2.4 billion-plus sale valuation tops the $2.35 billion valuation of the NBA’s Brooklyn Nets, partially sold last year. The NFL’s Carolina Panthers sold for $2.275 billion in 2018.

      According to a source, the Mets’ deal does not include SNY, the Sterling Equities-owned cable network that is under contract to broadcast all games through 2030. Sterling will also retain a 5 percent ownership stake in the team itself.

      The deal will be put to vote no later than the MLB Owners Meetings in November, according to sources, with approvals needed from at least 23 of the other 29 owners for Cohen to assume ownership. If the sale passes, it will mark the end of the Wilpon family’s control of the Mets after 34 years.

      A successful Brooklyn-born businessman, Fred Wilpon and his brother-in-law, Saul Katz, purchased their first stake in the Mets in 1980, then became 50-50 partners with former majority owner Nelson Doubleday in 1986. Wilpon, who was team president at that time, served in that role until becoming majority owner of the Mets in 2002. His ownership group retained 50-50 ownership until 2002, when it bought out Doubleday’s holdings to make Wilpon majority owner and control person. Katz became team president at that time, while Jeff Wilpon, Fred’s son, became COO.

      In recent years, Jeff Wilpon has played a significant role in baseball operations. Fred Wilpon has retained influence on major decisions, while playing less of a role in day-to-day procedures.

      Under the Wilpons’ ownership, the Mets won the World Series in 1986 and the NL pennant in 2000 and 2015.

      The Wilpons will now turn ownership over to Cohen, a Long Island native and the founder of the hedge fund Point72 Asset Management. Cohen is worth $14.6 billion, according to Forbes. At auction, Cohen outbid multiple other groups, according to sources, including one led by former Major Leaguer Alex Rodriguez and his fiancée, Jennifer Lopez.

      Drew's Sig


      • #78

        Drew's Sig


        • #79

          Drew's Sig


          • #80

            Drew's Sig


            • #81
              LMFAO at all the Mets fans who are making plans for all the money they are planning on spending. Realmuto, Bauer, another starter, a CF, some bullpen help, a new contract for Conforto...


              • #82
                Originally posted by mjjm367 View Post
                LMFAO at all the Mets fans who are making plans for all the money they are planning on spending. Realmuto, Bauer, another starter, a CF, some bullpen help, a new contract for Conforto...
                Are you saying you have a problem spending someone else's money?


                • #83
                  Originally posted by West Coast Mets Fan View Post

                  Are you saying you have a problem spending someone else's money?
                  LOL - in theory, no. I am just amused at all the internet "geniuses" who now assume that since Cohen has lots of money, they will compile a shopping list of all of the top available players and that's what Cohen will do.


                  • #84
                    I actually do assume that as well - but based on the following

                    1) He has plenty of cash to burn, and proved it by laying down as a single buyer 2.45B dollars. You don't spend that kind of money to sit on the sidelines during free agency. Whats an extra couple hundred million between friends.
                    2) I believe similar to what the dodgers group did once they took control, he is going to want to make an immediate statement to ingratiate him to the fans. I'm not saying 300MM payroll like dodgers did, but certainly over salary cap is my expectation
                    3) Unlike Dodgers group, he's actually a lifelong die hard Mets fan. So buying a championship team might not only be business, but also personal joy.
                    4) My guess is he has something up his sleeve for SNY as well to accelerate the purchase there - but even if not, see 1 through 3.

                    Not to mention, he has 200MM to burn after restructuring the deal from the original 2.6B down to 2.4B.

                    Lastly, there's a lot of Money coming off the books between this year and next. Following 2021, I think the only money left on the books is DeGrom and Cano (combined 56MM). No more Cespedes, Wright, Stroman, Ramos, Porcello, Lowery. According to this random google doc, link below (looks official to me :P), they will have about 134MM to spend to reach the cap next year. Holes? Arbitration, Catcher, SP, BP, bench and Conforto contract, (which won't really hit big bucks until post arbitration year of 2022 ). So why can't they fulfill the whole wish list?

                    Yes, it would likely mean we're dormant in FA spending for the next couple years to follow, but if they do the spending right, they should also be all set for the next couple of years to follow. Maybe in that time, a winning team stops bleeding money, and Cohen opts to reinvest back into the team.

                    Nobody really knows, but I like to think there's a logic behind this, which is all one can really ask when spending OPM. haha


                    Last edited by NY FANG; 16-Sep-2020, 02:07 PM.


                    • #85
                      Originally posted by NY FANG View Post
                      Before I reread and digest your points, I just wanted to award you 93 bonus points (triple a normal good score) for this picture. Funny as hell, Fang!!!!!


                      • #86
                        First order of business needs to be to fix center field with a trade of Nimmo for Mike Trout.


                        • saxon
                          saxon commented
                          Editing a comment
                          After that, a swap of often injured pitchers: Matz for Stausburg

                      • #87
                        All joking aside, I don't think that he spent that much money to just replace the Wilkatz in terms of being counterproductive owners that spend like the Royals


                        • #88
                          OK, had a bit of time to review your points - while I both agree & disagree, very well written.

                          Your 1st 4 points in your premise -

                          1) Cash to burn - agree. Tight finances will not be an issue
                          2) Make a splash like the Dodgers - agree & disagree. Fully agree with the splash idea. It is the perfect time to totally reenergize and capture the fan base completely. Even from a purely business standpoint, it is a golden opportunity. Mets fans, come out of the desert to Cohen's Oasis of Regular Contention. Disagree about exceeding the salary cap. Because if he does, the penalties increase year after year. And I don't think he has enough of a handle on the organization to make that kind financial commitment right away. And currently, no one know what the sport's financial landscape will look like in 2021.
                          3) Lifelong Mets fan - oh yes!!!! Wife & I were talking about that last night. Imagine you had so much money that you could literally buy anything. Literally anything. If Cohen spent $3B on the Mets, he still has well over $10B left. My wife asked me what I would buy if I had that much money - oh hell yes, I would buy the Mets. (And if I ever do, Mets Global gets a luxury suite.)
                          4) Something up his sleeve regarding SNY - agree. It's a depreciating asset. Current contract runs through 2030. Each year, the valuation goes down. Will an outside buyer be interested, knowing that after 2030, Cohen can start his own network and leave them with an empty SNY? My guess is that the Wilpons will hold on to it for a while for the income, and eventually sell. And before anyone criticizes them for doing so, this is business.

                          As for having the money to spend and filling the wish list - there are limited high quality free agents, and many clubs looking. Are we just going to make the longest, most expensive contract offer on all of the ones we want? Example - if someone offers Realmuto 7 years, do we just go to 8? And so on. I think we will definitely see a major splash or two, but fans that expecting the moon will be left gasping for air.


                          • #89
                            Originally posted by saxon View Post
                            All joking aside, I don't think that he spent that much money to just replace the Wilkatz in terms of being counterproductive owners that spend like the Royals
                            Wait, you were joking??????

                            Damnit Sax, you're such a tease.


                            • #90
                              Ironically, immediately after writing the above I read this article

                              (Dru - can I have a lesson on how to create a hyperlink with a dedicated text? used to be so easy in the last version, but this time, my "ok" button just stalls, as if I haven't put in enough parameters).


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