Steve Cohen Completes Purchase of New York Mets
Amanda Lauschus
Sports Business Writer
The entire baseball world has been waiting to see who would end up purchasing the New York Mets from the Wilpon and Katz families, as such a transaction has been rumored to be in the works for well over a year. A deal that was supposed to go through with billionaire Steve Cohen last year fell through in February, and that purchase would have valued the MLB team at $2.6 billion. That deal fell through because Jeff Wilpon wanted to remain in his role as CEO for the next 5 years – a guarantee Cohen was not interested in. Instead, Cohen battled out against multiple different bidding groups the past few months, the most well-known bid being from a group that included celebrities Alexander Rodriguez and Jennifer Lopez. That group eventually bailed out towards the end, allowing Cohen to begin exclusive negotiations with the Wilpon family last month and settle on a deal for $2.4 billion.
Since Cohen became interested in purchasing the Mets, fans of the team have been ecstatic hoping that the Wilpons would agree to sell the team to this lifelong Mets fan and founder of hedge fund Point72 Asset Management. Fans truly believe that Cohen will have the best interest of the team going forward, and help lead them to success within the MLB, as the previous owners were continuously criticized by the fanbase. This sale, however, is still yet to be finalized as it requires a vote from 23 out of 30 MLB team owners to approve the transaction, which will almost definitely pass, to allow Cohen full control of the franchise. This deal will make Steve Cohen the richest MLB owner and hopefully allow for continued growth and prosperity for the New York team, so they can live up to their nickname “The Amazin’ Mets” which they earned from capturing the 1969 championship.
Now what is Cohen’s plan for the team if he is approved as owner? Well, first off, he wants to bring back previous Mets general manager Sandy Alderson to be the team president and “oversee all baseball and business operations,” says Cohen. Alderson is highly regarded in the MLB world and could be a very good asset for approval for Cohen from other team owners, as well as the fanbase. However, this addition to the franchise could put current general manager Brodie Van Wagenen’s job in jeopardy. Alderson will have complete buy-in control over the management decisions under Cohen’s direction, which differs from when he worked under the Wilpons, and due to his shaky status as current general manager, Van Wagenen might be out of a job.
Overall, the recent announcement of Cohen finally purchasing the Mets is big news and a huge step in the right direction for the team that has had its fair share of ups and downs – especially since reaching the World Series in 2015. The fanbase is certainly looking forward to the approval of the sale and the strong leadership that Cohen has to offer to the team. With the richest MLB owner in charge of a team that has been struggling, there is so much hope that this billionaire can turn this franchise right around and create a force to be reckoned with from Queens!
Contact Amanda at lauscham@shu.edu