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Mets, Francisco Lindor At Impasse In Extension Talks

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March 31, 9:36 pm: There haven’t been any new discussions or proposals between the sides, hears Jeff Passan of ESPN (Twitter link). The Mets have not come off their $325MM offer, while Lindor is holding firm with an ask “more than $50MM” greater than that.

March 31, 10:15 am: The stalemate remains in place this morning, tweets Thosar, who adds that neither side expects additional discussions at the moment. Optimism of a deal being reached today is currently low. One source tells Newsday’s Tim Healey: “No talks and none expected.”

March 30: 10:14 pm: The Mets’ $325MM offer does not contain any deferred money, Heyman hears (Twitter link). Lindor is holding firm on his $385MM ask, Heyman adds.

12:07 pm: Cohen commented on the negotations via his Twitter account, saying “I have made a great offer [to Lindor].  It does take two to tango.”  Another tweet praised the shortstop, saying “Lindor is a heckuva player and a great guy . I hope he decides to sign.”

10:24 am: The Mets and Francisco Lindor appear to be at something of a standstill, with reports from SNY’s Andy Martino and MLB Network’s Jon Heyman last night indicating that the team put forth a 10-year, $325MM offer. Newsday’s Tim Healey, meanwhile reported that Lindor’s camp countered at $385MM over 12 years.

Martino reports this morning that while there’s some pessimism from the Mets, they’re also “brainstorming” some creative options to try to get a deal across the finish line. The Mets, according to Deesha Thosar of the New York Daily News, were rather surprised by Lindor’s recent counteroffer. Thosar reports that the Lindor camp at one point suggested that the extension could check in below Mookie Betts’ 12-year, $365MM deal with the Dodgers.

Lindor’s $385MM asking price would be the largest commitment ever made to a player in terms of new money tacked onto a deal. That title currently is held by Betts and his $365MM deal with the Dodgers, which narrowly eclipsed the 10 years and $360MM the Angels added to Mike Trout’s contract on his last extension (bringing his total commitment from the Angels to $426.5MM over 12 years.) San Diego’s Fernando Tatis Jr. has the largest contract ever signed by a shortstop, recently agreeing to a 14-year, $340MM extension.

Like Betts, Lindor is heading into his age-27 season with a hefty arbitration salary already agreed upon ($22.3MM, in this case). His new contract would begin in his age-28 season, as was the case with Betts in Los Angeles. It’s not exactly surprising that Lindor’s camp would seek to top the Betts mark — thus giving them claim to the largest extension in MLB history — but at this point it seems as though the two sides are at an impasse with regard to contract length.

In terms of average annual value, the Mets’ current offer is actually slightly higher than the reported counteroffer. At the very least, it seems the two sides can align on an annual value in the $32MM range. The most straightforward compromise could be simply adding a year at that rate, but Thosar adds that the Mets have not shown a willingness to meet in the middle, which aligns with prior reports that the $325MM figure is the team’s “final” offer.

From a long-term payroll vantage point, the Mets can certainly afford to make such a commitment. New owner Steve Cohen is the game’s wealthiest owner, but even beyond that fact, the team’s payroll is fairly clean. They owe Robinson Cano a regrettable $20.25MM in 2022 and 2023 — the Mariners are covering $3.75MM of his $24MM salary each year — but their only long-term salaries of note beyond Cano are those of Jacob deGrom and James McCann. They’ll owe deGrom $33.5MM in 2022 and $30.5MM in 2023 before deciding on a $32MM club option for 2024. McCann, meanwhile, is owed $8MM both in 2021 and 2022 before earning $12MM in 2023 and 2024.

All told, the Mets have about $93MM in guaranteed salary on the 2022 books at the moment. That number falls to about $70MM in 2023, and McCann’s $12MM salary is the only money they have firmly committed to the 2024 roster. Signing Lindor to an extension of any length wouldn’t considerably impede the team’s efforts to build out the roster in the coming years, although that of course doesn’t mean they should simply hand him a blank check. Any negotiation has its cutoff point, and the Mets appear at or quite close to theirs. Given that they’re also hoping to lock up Michael Conforto and surely want to keep deGrom in a Mets uniform for his whole career, there are some other balls in the air that must be considered by Cohen and team president Sandy Alderson.

The outcome of talks between Lindor and the Mets will have a much broader reach than Citi Field or even the NL East, however. Lindor is currently slated to headline a historic crop of free-agent shortstops next winter — really, a historic crop of free agents in general. If he agrees to forgo that trip to the open market, it’d create less competition for the likes of Corey Seager, Carlos Correa, Trevor Story and Javier Baez, and it would free the Mets up to focus their free-agent efforts on other areas right out of the gate.

Mets Notes: Lindor, Montgomery, Roster Cuts

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Mets owner Steve Cohen had dinner with Francisco Lindor on Saturday night, ostensibly to see if they could close the gap in their extension negotiations, per MLB.com’s Anthony DiComo. The Mets appear willing to cross the $300MM threshold, but that’s not a guarantee to keep Lindor in Queens long-term. The two sides continue to talk, however, and there is growing optimism that an accord will be reached before Lindor’s deadline of opening day. While we wait, let’s see how the rest of the Mets roster is shaping up…

  • The Mets released left-hander Mike Montgomery today, per Tim Healey of Newsday (via Twitter). Montgomery was thought to have a shot at making the Mets bullpen as a non-roster invitee, but he now heads back to free agency. The 31-year-old is best known for getting his first career save to close out the Cubs’ game seven World Series victory in 2016. He never quite rose to the level that many expected of him, but he nevertheless has put together a six-year career as a swingman for the Mariners, Cubs, and Royals. The Royals acquired him from the Cubs midway through the 2019 season with the plan to finally install him regularly into their starting rotation. He made 13 starts the rest of the way covering 64 innings with a 4.64 ERA/4.74 SIERA. He logged just 5 1/3 innings in 2020, however. Montgomery had pitched well in spring training, but the Mets would have been on the hook for $2.25MM if they rostered him, notes MLB.com’s Anthony DiComo (via Twitter). He had an opt-out clause in his contract for today.
  • The Mets also announced a series of roster cuts today. Jerry Blevins, Jerad Eickhoff,  Caleb Joseph, Jose Peraza, Mallex Smith, and Arodys Vizcaino were informed that they will not make the opening day roster, per Mike Puma of the New York Post (via Twitter). Blevins, 37, will head to the Mets’ alternate site in Brooklyn. He’ll be joined there by fellow southpaw Stephen Tarpley, who was optioned to Triple-A. Tarpley has two options remaining.

Mets Fire GM Jared Porter

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12:35PM: Major League Baseball is preparing an investigation into Porter, according to USA Today’s Bob Nightengale.  Pending the results of this investigation, Porter could face a suspension, and would then have to apply for reinstatement in order to again work with another MLB team.

7:17AM: Mets owner Steve Cohen announced on Twitter this morning that the organization has terminated general manager Jared Porter following last night’s revelation that he had harassed a female reporter in 2016 via a string of 60-plus unreturned text messages, which included unsolicited, explicit images.

“In my initial press conference I spoke about the importance of integrity and I meant it,” writes Cohen. “There should be zero tolerance for this type of behavior.”

Mets president Sandy Alderson said last night in statement to ESPN that Porter had acknowledged his prior actions and expressed remorse. Alderson added that the organization would “follow up as we review the facts regarding this serious issue.” Cohen and Alderson acted swiftly and decisively, and Cohen’s announcement that Porter has been “terminated” did not mince words.

Whether the Mets will hire a new general manager this winter remains to be seen. Alderson has been heading up baseball operations since Cohen purchased the club and brought him back to the organization, and the expectation was that Porter was either being groomed to eventually take over baseball operations himself eventually or that a more seasoned executive would be brought in to take over the 72-year-old Alderson’s role down the line. Alderson, of course, has decades of experience in running baseball operations departments and is more than capable of helming the ship in 2021 should the team decide to wait until next winter to look for a replacement.

Porter’s tenure lasted all of 37 days, marking the second consecutive winter in which the Mets have hired and fired a key organizational leader within mere weeks. The Mets named Carlos Beltran their manager early in the 2019-20 offseason, only to fire him just over two months later after his role in architecting the Astros’ sign-stealing scandal had come to light.

Mets Intent On Building Depth

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Given their desire to contend from day one, it’s easy to see the Mets all-in on any of the year’s best available players, including star shortstop Francisco Lindor. But that might not be the course of action that makes the most sense, writes Joel Sherman of the New York Post. Sherman asked Mets president Sandy Alderson about their plans for free agent spending versus trades.

Anderson’s response: “There are only two currencies in baseball — one is players, the other is money. If you are not spending money, you have to spend players. … We have to be careful how we use players in transactions.”

During Steve Cohen’s introductory press conference, Alderson laid out some of the team’s most pressing needs, which included infield defense, bullpen consistency, and a new catching tandem. But he also spoke about building out better depth, and that’s tough to do when trading away prospects for established stars, as was the approach taken by previous GM Brodie Van Wagenen.

Said Anderson (per Sherman): “We’ve got no depth at Double-A and Triple-A, so we are doing all we can to sign six-year minor-league free agents to fill out depth with our top two minor-league teams and provide up-and-down depth for the season.”

Of course, that strategy doesn’t always produce the best collection of ready Major League talent, but as the Dodgers (and others) have shown, the right talent evaluators/developers can absolutely find gems among that pool. Beyond those minor league free agents, the Mets have the opportunity to flex some financial muscle in an offseason where spending capital should be a considerable market advantage. That doesn’t preclude them from making a big splash for someone like Lindor, of course, but it does speak to their priorities this winter, as well as their strategy for contention more broadly.

It might also speak to their timeline. The Mets have yet to hire their president of baseball ops, so Alderson may leave some of the bigger decisions until they are fully-staffed. Collecting minor league free agents won’t have the direction-setting impact of a Lindor-or-equivalent acquisition. Speculatively speaking, Alderson would want to leave as many avenues open as possible until they find the right person to run baseball ops.

Mets President Sandy Alderson On Team Needs

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During Steve Cohen’s introductory press conference with the Mets, team president Sandy Alderson took questions from reporters and said a number of interesting things about the direction of the Mets.

The Mets finished in 4th place in three of the last four years, and they haven’t made the playoffs since 2016 when they lost a one-game playoff. The Mets made some win-now moves in recent years that raised expectations, but they’ve been unable to get over the hump. That said, Alderson likes the way the team has drafted, and he sees some pieces to build around, saying, “From an offensive standpoint, there are definitely some first-division championship pieces.” Speculatively speaking, masher Pete Alonso falls into this category, despite a down sophomore season in 2020. Brandon Nimmo, Jeff McNeil, Michael Conforto, Robinson Cano, and Dominic Smith put up strong seasons in 2020 as well. Smith, in particular, will be interesting to follow, because if there isn’t a DH in 2021, he may be out of a starting job.

On the pitching said, Alderson said, “Jacob deGrom is by definition an ace. He’s the definition of of Cy Young, if you will.” deGrom has been the face of the Mets for the past four seasons or so, over which time he won consecutive Cy Young awards, and he’s up for a third in a row this year.

He needs help in the rotation, however, especially with Noah Syndergaard on the mend and Marcus Stroman a free agent. On WFAN later in the day, Alderson fanned some rumor flames by speaking positively about free agent Trevor Bauer: “I actually think Bauer would be a great personality in New York. The kind of guy that fans would endorse. We’re in the entertainment business,” per New York baseball columnist John Harper (via Twitter). While Bauer would certainly fill a need in the organization, Alderson doesn’t go so far as to say he is a person of interest.

But there’s no denying the Mets as a fourth place team. Thus, Alderson covered some of their needs moving into the offseason, saying, “…There are things that we don’t do well. we need to shore up some positions. Our pitching staff is thin. Our depth at Double-A and Triple-A is thin or thinner. The bullpen has been inconsistent. We have needs behind the plate.”

In terms of specific players, he mentioned Brad Hand as someone they would have been interested in claiming on waivers if the timing had been different, per Tim Britton of the Athletic (via Twitter). He noted that the one-year, $10MM deal for Hand might be an overpay, but that sometimes the acquisition is more important than the cost itself, which speaks to his philosophy of roster-building.

Alderson even took some “credit” for the team defense, which he spoke of as an area that needs improvement. During Anderson’s run as GM from 2010 to 2018, an emphasis was put on offense. Moving forward, however, Alderson recognizes the need to address the other side of the ball. Speculatively, that could mean being open to moving one of Smith, Nimmo, or Conforto to find a more defensive-minded centerfielder. They could also start their defensive revamp by focusing on that end with whomever they bring in behind the plate.

All in all, Alderson took a measured approach in discussing the Mets’ future, recognizing some of the failures of the team in recent years. Ultimately, he landed on the side of optimism, saying, “…There is a foundation there, and I think if we can add the right pieces this year – and Steve has indicated that we’ll have the opportunity to do that – we can be pretty good pretty quickly, and that’s my goal for 2021.”

Mets Owner Steve Cohen Holds Introductory Press Conference

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New Mets owner Steve Cohen held an introductory press conference via Zoom today along with team president Sandy Alderson. Cohen recently closed the deal to purchase the Mets for $2.475 billion dollars. Cohen touched on a number of different topics, including the baseball ops hierarchy, payroll, and his hopes for the franchise moving forward.

From a baseball perspective, Cohen spoke about relying on his baseball professionals to make baseball decisions. He brought in Sandy Alderson as team president because he knows the Mets and knows the game of baseball, and while Cohen will be in close conversation with Alderson, he expects to learn a good deal from Alderson on the baseball side. Together, they hopes to put together a perennial championship contender. Per Mike Puma of the New York Post:

“One team wins the World Series every year, so that’s a pretty high bar. But if I don’t win a World Series in the next three to five years – I would like to make it sooner – then obviously I would consider that slightly disappointing. I’m not in this to be mediocre. I want something great.”

As far as how they plan to accomplish that goal, Cohen said this, per MLB.com’s Matt Kelly:

“You build champions, you don’t buy them. We’ve got a great core on this team, and we’re going to get better and I plan to make the investments we need to succeed. We want to win now, but we’re also building for the long term.”

Cohen said all the right things today, much of it the canned baseball rhetoric that one might expect from a new owner. That said, he came across as genuine, eager to grow the franchise, and focused on the fan experience. He did speak to the possibilities for the Mets’ payroll under his leadership. Said Cohen, per Mike Puma of the New York Post:

“What I do believe is this is a major market team and it should have a budget commensurate with that.”

Cohen deferred when asked specifically about spending beyond the luxury tax, but reiterated his plan to spend, saying, per Britton (via Twitter):

“I can promise you we’re going to act like a major-market team. Are we going to act like drunken sailors? No.”

Cohen owns Point72 Asset Management, a hedge fund that he somewhat tongue-in-cheek referred to as his “day job.” If Cohen’s words are to be believed, his priority number one isn’t making money with the Mets, but to bring joy to a cadre of Mets fans that have been largely disappointed in recent years. From how it sounds, Cohen may eventually bring the Mets’ payroll up near the levels one might expect for a team in the New York market. The Mets’ payroll before 2020 was set to be around $160MM, some $40MM+ shy of the luxury tax line, per Cot’s Contracts.

Alderson has charge of baseball ops, but even he is a temporary head – at least in the grand scheme of things. Just as quickly as Cohen put the ball in Alderson’s court when it comes to baseball decisions, Alderson passed it along to his as-of-yet un-hired president of baseball ops, saying “I am not going to make the baseball decisions. I expect a seat at the table, but not the head of the table,” per Joel Sherman of the New York Post (via Twitter). Alderson clearly will help structure the baseball ops department and, along with Cohen, create the philosophy and culture for the new New York Mets. But there’s another key decision-maker yet to join the team. Alderson interviewed his first candidate for that role on Saturday, tweets the Athletic’s Tim Britton.

As for how long the 72-year-old Alderson will stay with the team, Tim Healey of Newsday provides this quote (via Twitter):

“I’ve committed to a couple of years, but it’s open-ended. … I don’t want to die with my boots on. I think this is going to be a great couple of years. We’ll see how it goes. That’s all I can say.”

The next domino to fall in the reshaping of the Mets will be the hiring of their head of baseball ops. Alderson said they’re looking for the “most accomplished baseball person we can find.” They are still putting together their list of interviewees and deciding how many people to bring in.  It’s unclear right now what the timeline is for that hire. As for the structure of the rest of baseball ops, that’s going to be decided once they bring in that hire.

Wilpons, Cohen Finalize Sale Of Mets

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1:07 pm: As part of the sale, Andrew Cohen (no relation to Steve) will become the Mets’ vice chairman, reports Tim Healey of Newsday (Twitter link). Steve Cohen’s wife Alexandra will also pick up a small ownership stake in the franchise, per various reporters (including Deesha Thosar of the New York Daily News).

12:39 pm: The sale of 95% of the Mets from Fred and Jeff Wilpon to Steve Cohen officially closed this afternoon, per various reporters (including Andy Martino of SNY). The Mets have confirmed the news. With that, Cohen officially becomes the club’s majority owner.

Today’s development is something of a formality, as it became apparent Cohen cleared the final major hurdle in the sales process when he got approval from the league’s owners last week. Nevertheless, Mets fans will surely be happy to put a bow on the year-long saga, which saw Cohen’s negotiations with the Wilpons last offseason fall through. Ultimately, the parties came back to the table this summer after Cohen beat out a few competitors for exclusive negotiating rights. This time, they agreed upon a sale for around $2.475 billion.

There’s plenty of hope among fans Cohen will greenlight a significant uptick in the team’s payroll. He and incoming team president Sandy Alderson can now officially turn to addressing the roster.

MLB Owners Approve Steve Cohen’s Mets Ownership Bid

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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.

Latest On Steve Cohen, Mets

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6:38pm: Mayor de Blasio does not want MLB to approve the sale to Cohen, according to Thornton McEnery, Josh Kosman and Julie Marsh of the New York Post. Mayor de Blasio seems to have concerns over the fact that Cohen “pleaded guilty to insider trading charges in 2013,” the Post trio writes.

10:40am: In a news conference today, Mayor de Blasio told reporters (including Newsday’s Tim Healey) that the city’s decision on the Mets’ ownership change will come “at some point in the next few days.”  Healey notes that city approval is expected to be granted.

OCT. 27: MLB owners are likely to vote on Cohen’s potential ownership Friday, per Deesha Thosar of the New York Daily News. It appears they’ll approve Cohen. However, there’s concern on Cohen’s part that New York City Mayor Bill de Blasio won’t approve of the ownership switch by Friday. If he doesn’t, a source told Thosar: “The worst-case scenario is if this drags on long enough, the Mets miss out on all major free agents, miss out on potential trades and they go into next season effectively in the same place they are this season. And that would really be not good. If that happens, they’re effectively crippled for next season.”

OCT. 20: Prospective owner Steve Cohen is getting closer to taking over the Mets from the beleaguered Fred Wilpon-Jeff Wilpon tandem. Major League Baseball’s eight-person Ownership Committee recently voted in favor of Cohen, 7-1, Scott Soshnick and Barry M. Bloom of Sportico report. Cohen still has to receive approval from 22 of the league’s other 29 owners in order to assume the Mets’ reins, but Soshnick and Bloom suggest that’s a formality.

As someone who currently owns 8 percent of the Mets, Cohen’s already known around the league. He agreed in mid-September to purchase 95 percent of the club for around $2.475 billion, which came after a potential agreement between Cohen and the Wilpons fell through last winter. Since then, though, the Wilpons have endured substantial losses as a result of the coronavirus-shortened season with no fans in attendance, so they became more eager to part with the franchise.

Considering his net worth comes in north of $14 billion, Mets fans are understandably excited to see Cohen on the verge of leading the organization. And if Cohen does receive the necessary approval to succeed the Wilpons in the coming weeks, it won’t be a surprise to see the team make some splashy moves in the offseason after missing the playoffs for the fourth year in a row in 2020. Any of the game’s best pending free agents (Trevor Bauer, J.T. Realmuto and DJ LeMahieu, to name a few) could conceivably wind up on the Cohen-led Mets’ radar over the winter.

Steve Cohen Plans To Name Sandy Alderson Mets President

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Earlier this week it was reported that Steve Cohen would likely bring former GM Sandy Alderson back to the Mets if approved by 23 of the league’s owners. At the time an advisory role was suggested, but MLB Network’s Jon Heyman reports that Cohen will instead name Alderson the team president, placing him in charge of both business and baseball operations (Twitter link). Cohen has confirmed the report, issuing a statement to several reporters (link via Joel Sherman of the New York Post).

If I am fortunate enough to be approved by Major League Baseball as the next owner of this iconic franchise, Sandy Alderson will become president of the New York Mets and will oversee all Mets baseball and business operations. Sandy is an accomplished and respected baseball executive who shares my philosophy of building an organization and a team the right way. I am excited to have Sandy in a key leadership role with the Mets if my purchase of the team is approved. Lets’ Go Mets!

The 72-year-old Alderson was the Mets’ general manager from 2010-18 before stepping away following a cancer recurrence that pulled him away for health reasons. There’d already been speculation about his job security leading up to that point, however, and Alderson himself acknowledged upon departing that he wasn’t sure his return as GM would even be merited based on the team’s recent results. The Mets eventually went outside the box to hire high-profile CAA agent Brodie Van Wagenen to head up baseball operations, and Alderson took a role as a senior advisor with the Athletics in January 2019.

Today’s announcement would represent a major front office shakeup and quite possibly result in the departure of Van Wagenen. Cohen’s statement doesn’t mention Van Wagenen, and while it’s possible that he could hold onto his GM post but still report to Alderson, that type of transition would be awkward, to say the least. SNY’s Andy Martino pointed out earlier this week that Alderson and Van Wagenen do have a positive relationship from the latter’s days as an agent with CAA and that Van Wagenen made sure to thank Alderson for all the work he did prior to stepping down.

Elsewhere throughout the league, prior situations of a president being installed above a sitting GM have resulted in the prior GM opting to depart. That was the case when Mark Shapiro was named Blue Jays president while Alex Anthopoulos was GM, and Ben Cherington stepped down in Boston after the Red Sox named Dave Dombrowski president. Adding to the awkwardness in this instance would be the fact that the incoming team president would be the man that Van Wagenen effectively replaced.

Beyond the front office dynamic, both Sherman and Martino observe that hitching his ownership candidacy to Alderson could help Cohen to ensure approval from the league’s other owners. Alderson is as respected an executive as there is throughout the industry, whereas Cohen comes to the MLB ownership table with a history of insider trading penalties and gender discrimination lawsuits at his hedge funds. Any peers who have trepidation about Cohen’s still-pending ownership approval could see those concerns eased to an extent knowing that Alderson will play a prominent role in the organization.

The widespread expectation is that payroll will increase substantially under Cohen. That would make for some layered intrigue in the offseason. Not only are teams throughout the league expected to scale back their spending on free agents given the sweeping revenue losses that have hit the sport during the Covid-19 pandemic, but Alderson has never exactly been at the head of a baseball ops department that allows him to spend in the top tier of teams throughout the league. His days as GM in Oakland were obviously dictated by spending limitations, and even the outgoing Wilpon ownership group in New York never spent to levels commensurate with their market size.

Specifics of the arrangement are still yet to fully unfold. Just as it’s possible that Alderson could retain Van Wagenen in his current role — or a different post within the organization — it’s also possible that he could hire a younger general manager to work underneath him and carry significant sway in baseball operations. What the return of Alderson would mean for the field staff, including rookie skipper Luis Rojas, is also unclear at this point. And, of course, Cohen has yet to be formally approved by the league’s other owners. It’s expected that he will indeed garner the requisite votes, but until that vote is held late nothing can be considered final. The exact timing of a vote remains murky, but it’s expected to occur by early November.

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