As expected, Steve Cohen has gotten the approval of at least 23 MLB owners in his bid to purchase the Mets, reports Jon Heyman of MLB Network (Twitter link). Cohen will take over 95% of the franchise from the previous ownership group, led by Fred and Jeff Wilpon, for a purchase price of around $2.475 billion.
The City of New York has also approved the sale, per Tim Healey of Newsday (Twitter link). As Healey explained yesterday, Mayor Bill de Blasio had to sign off on the deal because the municipality owns Citi Field and the associated land. Cohen will donate $17.5MM to local small businesses as part of the arrangement, he announced (via Healey).
Cohen’s group beat out a handful of competitors (most notably a Josh Harris-David Blitzer tandem and a group led by Alex Rodriguez and Jennifer Lopez) to gain exclusive negotiating rights for the franchise in August. It marked a second chance for Cohen and the Wilpons to work something out, after their efforts at a deal last offseason fell through. This time, even amidst massive economic uncertainty due to the COVID-19 pandemic, the parties finalized a deal.
Today’s steps officially close the books on the sale of the franchise. Cohen, with an estimated net worth of $14.1 billion, becomes MLB’s richest owner. He and incoming baseball operations leader Sandy Alderson will have plenty of opportunities to add to the roster this winter, with most teams widely expected to act rather tepidly in the wake of pandemic-driven revenue losses.
Joyous day fellow met fans!
Mazel tov
The mayor has officially signed off. Mr. Cohen officially owns the New York Mets. It is now officially 4:20
Yes sir. Finally. Coupons are officially history. Although they so slick in owning 5%. They will make more money off that 5%. Lol cuz Cohen will make them great again!
thank god. what a great day!!!
I don’t believe it’s the Wilpons who own that 5%. There were numerous minority owners including among them Bill Maher. I don’t think they were bought out in this deal, just the Wilpons and Katz, I believe.
Cohen will own 95% of the team, up from his preexisting 8% stake. The Wilpons and Katzes will retain the other 5%.
One of the side benefits of the sale is not having to hear stupid comments about the “coupons” anymore. Since the problem was never that they didn’t spend money, but that they didn’t spend it wisely. Ask the Yankees and Angels how ridiculously high payrolls have worked out for them (and until this year, the Dodgers).
this is better than any Christmas gift we could receive this year!!
is it official
Wait so I’m confused. Is BvW still in the organization as a leader or no?
not for long.
BVW is going nowhere. Anderson is team President, effectively the COO.
We’ll see. Historically when someone new comes in above the existing GM, the GM is soon history.
Anderson might wanna hire his own “Jonah Hill”, and get rid of the flashy agent.
NL east fans and Yankee fans pushing air rn
idc
You should honestly. I’m not saying Mets will win the East. I still got the Braves. But it’s going to be a lot harder for the teams in the division now that they don’t have a clown running the show.. oh and a 15 bil net worth owner.
All the that just to finish last. Jk.
Might be overestimating things a bit. It’s not like the Mets weren’t spending. They just weren’t spending wisely. Cohen may open his pockets up a bit more, but really all owners could do that. I expect a few signings this offseason to make a big splash, but Cohen has yet to prove that he’ll spend wisely. Time will tell. I’m happy that Mets fans are excited about FA again though. It’s better for baseball.
The Mets actually payroll the last two years was like 165 so you telling me 200 is going to make a huge difference??
It could make a difference in the wrong direction. Payroll is so low because the Mets core is young. Guys like Confortp need extensions. If you splurge on FAs do extensions still happen? Fans assume Cohen will go over the luxury tax threshold, but will he? Lots of interesting questions. Certainly plenty to be excited about as a Mets fan, but time will tell.
I think he will. I mean he just spent 17 mil dollars on NY just so that the major says yes lol
Win something first. Then talk
SNY reporting Cohen not planning to spend on top FAs this year. Illusions are already starting to shatter.
Still think the organization will operate one similar budget (respective to rest of teams in division). Did not become a billionaire by throwing money away. Will be hard to justify rampant spending in an offseason when teams will low ball player due to Covid-19 situation (reduces income etc). Expect a Major signing that will not ramp up their payroll (after deductions of free agents/releases/waiver losses) significantly while waiting out market to establish on rest. Whether fans agree major signing merits the major adjective.
I think the difference here is he’s the richest owner in baseball and he didn’t have to suffer the losses of the 2020 pandemic. So while other may be looking to shed payroll the Mets may be primed to take advantage of that. I’m no fan of the pond scum but it’s a good thing for Mets fans for sure
You really think we’ll spend like the Braves and marlins
Nats and Phillies aren’t having 200 mil dollar payrolls annually…..
We are thinking about next year… this year I’m not expecting him to spend… next year he’ll have a 200 mil payroll I’m 100% sure .
Other than the NL EAST what has Alt won. Your team had 3 HOF & 3 that could have been BUT WON 1 WS. And if it was any other team but Cleveland it would be 0.
Nats have been hovering around 200 for years. Were one of the teams over the luxury tax not long ago.
They really weren’t spending though. Most years they were middle of the pack or lower in payroll. 2020 they were 5th, which was the exception to the rule over the past 10 or so years.
The Wilpon’s made it tough for GMs to spend after Madoff. What will matter is having the RIGHT people in place to decide who to/not to sign. Sandy Alderson being President of Baseball Operations is a start, because the 18 months he COULD spend, the Mets brought in guys and made the playoffs 2 years straight.
Now, they’ll have a much more open wallet and less having to finagle deals to get by cheap owners. Cohen knows he has to spend a little more than this team has in the past and he won’t hold the team back from adding the right FA’s because of it.
Will the wallet be more open in the way most fans think? There are other things to spend on besides big free agent splashes. That may be more how it works out (analytics, minor trades, scouting, perks)
Von Hayes, you are correct to a point on the financial aspect but little Jeffy Wilpon always had final say in all decisions and he hired friends that had no business running a baseball team. Getting rid of the Wilpons is the best part of this whole transaction!! Cohen is a lot wealthier and grew up a Mets fan. He needs to hire a few Braves and Rays scouts and front office execs and we will be rolling….LFGM.
SNY is still owned by the Wilpons. You can’t trust what they’re saying. Fake news. How do they know already what his plans are. I can already hear the sour grapes from the non Mets fans. The Wilpons weren’t even fans of their own team. Citifield was designed to celebrate the history of the Brooklyn Dodgers. It will take a little while to scrape the sludge of the old regime out of this ball club, but this is the first time the Mets gave had an owner that cared about winning since Nelson Doubleday sold his share to Wilpon. The Mets are overdue to be the number one team in NY again. It won’t be long now though. Money talks, you know what walks!
all this to finish last below the marlins again
It ain’t even Thanksgiving, but I’m hearing the “Alleluia Chorus” all along Madison Avenue….
Not official till the dippoop mayor says so
Its official diBlasio signed off!
Still left to that scum de Blasio though
God forbid we take a minute to consider alleged massive insider trading white collar crime. Some are color blind when it comes to crime. Wall Street can do no evil. Seems to me it’s worth perusal. Do we want a criminal for a baseball owner. Let’s take a moment to prevent that.
Steinbrenner was allowed to keep his team. I don’t know why Cohen should be barred.
He already owned the franchise and was banned from day-to-day management for life… So there’s that. I guess you could let Cohen own but not manage, too… All this presupposes he’s guilty. Don’t think that’s been determined. All I was suggesting is that the examination should take place. As it did with Steinbrenner.
If DeBlasio holds up the sale while they “investigate” he’ll be run out of town. The investigation should have been done when the Wilpon’s accepted his deal, not when Cohen is approved and the offseason begins.
If DeBlaiso holds this up for any extended period of time, the team will miss out on most of free agency, putting them in a bad spot for the 2021 season. Plus, I’ve read that Cohen’s and the Wilpon’s lawyers reviewed everything and essentially the mayor doesn’t have a leg to stand on, and if he pulls anything to really delay this, Cohen would easily win a lawsuit that would follow.
Steinbrenner’s “lifetime ban” was only for two years, if I remember correctly, so there’s that. Cohen was already a minority partner, so there’s that. He paid his fines, so there’s that.
Steinbrenner’s lifetime ban was negotiated down to two years, you’re correct. So there’s that. Cohen being a minority partner makes no difference here. He could continue to be a minority partner. The question is whether 1) he’s allowed to become a majority partner, or 2) he’s allowed to become a majority partner with a temporary management ban, having done a major crime. So there’s that. He paid $1.8 billion in fines for a multi-billion insider trading scam (amazing how the biggest white collar criminals get away with the biggest crimes and do zero hard time, hard time which you or I would do for stealing $10K, with no way out by paying a fine). Steinbrenner was engaged in an illegal $40K transaction. Big difference. So there’s that.
Correct me if I’m wrong but wasn’t George actually found guilty of making an illegal contribution to the Nixon campaign? Has Cohen himself actually
been convicted?
He was already partial owner. If it was that big is an issue why allow him to stay on ownership as he was? Also, the mayor is making this political and that should stay out of sports
The mayor is not making this political. The lease has terms with respect to the background of the team ownership that were not relevant when Cohen bought a minority stake in the team. Cohen and the Wilpons are trying to intimidate de Blasio by making this sound as though it is a political decision rather than a legal one. They think that if they apply enough public pressure, the mayor will approve the transfer regardless of the recommendation of the Office of the Corporation Counsel (the NYC Law Department). Its the kind of hardball we should expect out of Cohen. The city should treat this the same as any lease assignment and treat Cohen the same as an assignee with a checkered history looking to assume the lease of anything from Tavern on the Green down to a newsstand in the Municipal Building. If they don’t, the city will never be able to bar someone from a lease or contract because of similar provisions again.
Totally agree.
That was his company convicted not him. So he’s like Martha Stewart
You mean we will be run like a professional organization in one of the biggest markets in the country. Finally. Happy Days.
I’m happy for Mets fans. Now if the Dolans can sell the Knicks…
Deblasio is an idiot…why insert himself into this?
to get his palms greased and name in the papers and prove he has power. Its all he cares about. He could give care less if it was Ted Bundy or Charles Manson that was owner as long as he gets paid..
Beat me to it. Socialist in the papers, capitalist undercover….
Because the lease requires the city to do so. If he makes the decision because of pressure rather than the recommendation of city lawyers, anyone with a questionable past will have a case to have similar assignment provisions in leases and contracts waived for them. This had to be done the right way to avoid that.
Required is the wrong word, should be option and he got $$$ for small business which are hurting right now. But he is a bum
Because he wanted to kill the deal so A-Rod and J-Lo could buy the team.
Well…so did I?
(shrugs one shoulder)
If that POS mayor gets in the way of this, that’ll be such a huge blow to that franchise and their fans.
He does have a valid reason to distrust Cohen let be real here.
What is the possible hold up?
Possible white collar crime. Massive insider trading in his hedge fund operation.
Which had been reviewed by lawyers. Secondly he could of done this WAY back when Cohen first came about. And let’s be real, all those MF’s are guilty of some shady stuff. Welcome to the world of politics and billionaires.
Until further inevitable FTC actions.
Ding dong baby, ding dong!
Thank you Lord!
Gotta wonder how many voted no
Gotta wonder how many owners voted no
it was stated that 4 owners voted against him. I’d like to know which 4. I can only guess.
Don’t fans always think its a great day when new owners take over only to be let down.
My Question is why the City of NY gets rubber stamp it.?
because the land that the stadium is built on is leased from the city therefore any sale must be approved by the city.
The mayor approves, as long as Cohen agrees to eliminate the security guards in the stadium.
Good one, brother.
reality’s going to hurt…
Wdym?
Will definitely be celebrating tonight with some good bubbly. Been waiting for this day 30 years now. LGM!!!!
Thank the lord, the Mets might finally have a light at the end of this godforsaken tunnel. Money will be spent because a big fan with big money is finally buying the team. Here’s to hoping the Mets sign Bauer!
Yes yes YESSSSSSS!
You really like the YES network that much. ?
It says more to come but more isn’t coming?!?!?!?!
Mayor got his payout to local businesses so signed it off lol got to love it.
VICTORY!!!!
It’s funny seeing these Braves and Yankee fans talking about the major hoping Cohen doesn’t get in. Guys the major isn’t going to do anything it’s just them getting their hopes up. It’s a non story. The only thing that could happen is that it takes longer than it should and it affects the Mets in FA
I’m a Braves fan. I’m happy for the Mets. Saying we’re getting our hopes up implies we’re scared of something. I’m not scared of anything. I welcome the Mets into serious competition.
Yup. Braves are still favorite to win division. But know it’s no gimme for the coming years. Should be a fun next 5 years.
Braves are the favorites until someone knocks them off. Hopefully with the right additions, it’s the Mets.
As good as Realmuto is, this team needs pitching and defense. Sign Bauer and bring back Stroman. Sign McCann to catch.
Gallops77, i agree 100%!! stay away from Realmuto plz
What a criminal diBlasio is. I wonder how much of that $17.5M donation will find its way back to him and/or his friends. Blatant abuse of power but for some reason, New Yorkers love him. Their version of Buddy Cianci.
new yorkers do not love him.
diBlasio is a criminal for pausing to consider the acquisition, given the city’s property interest in it, of a man who paid $1.8 BILLION in fines for a white collar crime? WHO’S the criminal? COHEN. Sheesh!
I had no idea that the city of NY owned Citi Field. I can’t believe Cohen paid $2.4B for the team and doesn’t even own the stadium!
How many teams do you think own their own stadium. The braves have had 3 different ones since 1997, do you think they own all 3. Marlins stadium is city owned
Angels and Dodgers its good to be the king
the Mets own the stadium,just not the land it’s sitting on. it’s like people that live in a trailer park,they own the trailer,just not the land. a lot of large buildings in cities are on leased land.
What a glorious day. We Met fans have suffered for far too long.
YES!!!
Realmuto, Bauer and Springer on flights to Queens now. I mean, that’s what Mets fans believe.
Not at all. Starting next year we’ll have a 200 mil payrolls… that’s what we’re excited about.
Not this offseason the next…
Not a Mets fan and I understand being glad to see the Wilpons leave but it seems a bit presumptuous that Cohen makes them an instant success.
It’s not just that Cohen will spend 200 mil every year like the yanks and dodgers…. (probably not his first year tho) but it’s more that y’all don’t realize how bad/corrupt the wilpons were. It’s was a clown show.
Metsfan isn’t exaggerating, McGinty. When you read up and down these boards, you may get the impression the Mets just won the world series but this may be an even MORE significant win than that. I don’t know that the Wilpons were baseball’s worst owners but they would fit comfortably in the top 3. They were a horror show.
Sorry Mets jets nets… always and forever losers…
I have to get rid of my license plate now….
It reads WILPONZI
Mets fans prayers have finally been answered! Don’t let the doors hit you on the way out Fred & Jeff! Congrats & good luck to Steve Cohen! Already made a good move by bringing Sandy Alderson back as President.
I think Mets fans should read this:
amny.com/sports/source-steve-cohen-to-spend-with-m…
And this:
sny.tv/articles/some-early-indications-of-what-ste…
I imagine many Mets fans have read these articles already though. What I gathered from these articles is that Cohen has his own ideas of how the Mets will be ran and it will take them in a much better direction than the Wilpons ever would have.
If you think Cohen is going to make big splashes this season though, you may want to check your expectations. These articles don’t prove in any way that Cohen WON’T go and purchase Bauer and Realmuto. Maybe he will but again, it does warn us away from flashy, splashy spending.
It speaks of Cohen first wanting to “look under the hood” which makes tons of since. He just made the purchase and he wants to know what he has before doing any extravagant spending.
No matter what, this is a good thing for the Mets. Cohen sounds like a better owner when I read what I have. Mets fans, you may need to temper your expectations. He may not be as active on the FA market as you hope this year. Give Cohen sometime without all the expectations and see what he can do.
Obviously we know he doesn’t want to make splashes this offseason. I’ve read them all. But he when he needs to spend to will he will. And he isn’t worried about money at all
No..WE don’t. I know YOU don’t and I commend you for a little more right thinking. But just scroll above and you will see that WE isn’t the right word.
FREEDOM!!!!!!!!!
Met fans aren’t thinking, the Mets will win next year. We are happy to get rid of the old owners. Dodgers are an example of bad ownership. Mlb sold the team and, they didn’t win instantly, but they sure turned their franchise around and went to 3 world series since changing owners. We just want to be competitive and to be in conversations for any free agents. We never had a chance under the Coupons.
Obviously nobody should pick the Mets to make the WS. But the rays aren’t the 2nd best team in baseball. Anyways. The dodgers situation was different. They didn’t have a good team. The Mets have way better pieces to make a good team than dodgers did
As bad as the Coupons may be, McCourt and that clown show was a whole other level of bad ownership.
You are absolutely right. But isn’t fun hearing the Yankee fans and Braves fans, etc twisting in the wind? Some of these responses by obvious Yankee fans are really enjoyable. They are gritting their teeth and praying they are not suddenly irrelevant. Now they pretend to stand on moral grounds while attending games at the house that steroids built. I just wantbtonremindvthem however that the last NY team to make it to to big show was the Mets, not the Yankees. They are also the next NY team that will be in the WS. The Yankees will be also fans while Aaron Judge and Giancarlo Stanton take turns dominating the disabled list.
I’m just here for The Facts According to Metsfan22.
i.e. “And he isn’t worried about money at all.”
Sure…sure he’s not. Obviously, dude became a fecking billionaire because he’s so cavalier about finances.
Uh?
Anywhooo congrats, Mets fellas. You guys definitely deserve new ownership. Hope Cohen instills a little fear in Hal.
You clearly didn’t comprehend… obviously he cares about his money….. but he will spend money like dodgers and yanks… he is willing to spend.. I hope I helped you understand better.
So…he *is* concerned about money?
Wouldn’t that be what you are now saying?
That sorta contradicts your earlier assertion. This is the point you now accuse me of not reading your posts.
Even though I’m quoting you directly.
🙂
Now get rid of BVW.
Getting rid of BVW is a big as a WS win to me!
I hear the current Democratic candidate for president, if he loses, says he wants to buy the Montreal Expos.
Sounds more like the OTHER candidate. He already has several failed business ventures. The Expose would fit right in. It would also be expedient since they are already failed. It would save time so that he wouldn’t have to bother bringing them back and THEN watching them fail. =D
Aren’t the Montreal Expos now the Washington Nationals?
So, let me get this straight.
The Mets under the Wilpons have many years when they spent more than playoff teams, League Champions, and some World Series Champions, but now that them having an owner who may spend more money will automatically solve the problem?
So spending more than many playoff teams, League champions, and World Series Champions wasn’t enough spending before, so now routinely spending more than about 25 teams will automatically solve the problem? And this is supposed to solve the problem when they play in a division with other teams that routinely draft and develop players better than the Mets?
Enjoy continuing to watch the flies coming out of Derek Jeters wallet. The Marlins aren’t winning ANYTHING.
Sure…because we haven’t been able to win as many championships as the Mets in far less years. And the Mets being able to spend even more than they already have will automatically cure all their ills.
MFB, Heh, if you keep fighting this fight to make Met fans see how irrational they are on this subject, you’ll be forever frustrated. I agree with you, but you might as well be trying to explain quantum physics to a napkin.
@Cosmodeus
That was a great comment. I got a good chuckle out of it. Be careful though. You’re own Mets fans may call you a troll or a Mets Hater like they do anyone else that points out facts like this.