Steve Cohen – New York Billionaire Titan
As the perceived front-runner to win the bidding for the team, Steve Cohen and his massive personal wealth is an intriguing prospect for Mets fans who have been subjected to the frugal ownership of the ‘Coupons’ since Fred Wilson bought Nelson Doubleday Jr’s majority stake in the franchise in 2002.
After Cohen’s initial offer for the team fell apart this past February 6th due to the Wilpon’s unreasonable terms that would have allowed them to remain part of the organization as controlling owners for a five-year period after the deal.
Then there was the issue of selling the team to Cohen without including the rights to SportsNet New York (SNY), which generates a large amount of revenue for the franchise.
Therefore, in order for a deal to be reached, the potential new owners should only come to an agreement that includes the team-owned cable network and controlling power of the organization in the deal. Once the check is signed, and the deal is closed, the new owners need to control everything in order to operate in full capacity.
Frankly, for north of $2 billion, the Wilpon’s have the nerve to ask to remain on the team with controlling interest. Luckily, I think these groups recognize the ludicrously of such terms.
Lastly, as Cohen is already a minority owner with an 8% stake in the team, there might not be much of a transitional period in terms of the front office along with the operations of the Mets Minor League affiliates.
This is important as the team gears up for a pivotal offseason that will see the end of several veteran contracts, multiple arbitration hearings, and maybe even a Conforto extension?
As the negotiations stand today, unless the price is right for Alex Rodriguez’s bid for the team, Cohen remains the most likely to close a deal by the end of the year.