I don't want to get my hopes up but this would seem like a positive sign in terms of how desperate the Wilpons are to get out and how they know he's the only guy willing to spend the money. But negotiating via leaks like this sets up the process for failure.
I don't want to get my hopes up but this would seem like a positive sign in terms of how desperate the Wilpons are to get out and how they know he's the only guy willing to spend the money. But negotiating via leaks like this sets up the process for failure.
Maybe, maybe not. I used to cover Hollywood as a reporter. Sometimes the sides in a negotiation would plant stories to influence the negotiation. It was a common and slightly sleazy practice. As a reporter, you can't always tell if you're being played, but even if you are, you pretty much have to go with the planted story. Sometimes it changes the outcome, sometimes it doesn't. Though I'm not sure how you can tell from the outside. You don't know the exact result of the negotiation, and you don't know how it would have been different if the story hadn't run.
That said its exciting to see Cohen back in the bidding. I mean if he wants them he will win the bidding.
Absolutely, and when you think about it, he was originally going to pay $2.7B without SNY and might be able to save himself about $700M. You wonder if he was really behind this all along to end up getting a fair market value price.
And I again, I know it sounds conspiracy theory-ish, but I would not be shocked if Cohen was pulling the strings all along on this.
Quote:
Charles Gasparino
@CGasparino
· 1h
As @FoxBusiness reported hedge fund billionaire Steve Cohen is interested in @Mets & amid weak bidding we reported on yesterday he is seen as favorite to buy team. Questions remain including getting control from the Wilpons, poss @SNYtv purchase meaning process is just beginning
I'd expect them to be under that because of the way the Wilpon's have run the organization and loaded on debt, but not under 2b. The LAD sold for 2b almost 10 years ago from bankruptcy. Big market franchises don't hit the market often in any sport. A good owner will have the franchise worth more than 3bn within a few years. Remember when Steve Ballmer overpaid for the Clippers?
if I were the new owner, once the SNY/Mets contract was up I wouldn't renew with them.
What is SNY without the Mets?
Aside from the Nets and some college football/basketball, nothing. It also wouldn't surprise me if the Wilpon's put some type of clause that SNY has a lifetime contract with airing Mets games. I get that it is a consistent revenue stream, but why else would they want to hold on to it?
Obviously, you have to think the worst with anything that has the Wilpon's attached to it.
Sometimes the sides in a negotiation would plant stories to influence the negotiation. It was a common and slightly sleazy practice.
That's the exact point. Serious and professional parties don't normally negotiate through the media - the Wilpons always seem to. Remember the Einhorn fiasco? And the Doubleday fiasco? The A-Rod fiasco? Mike Hamptom? And the Steve Cohen part 1 fiasco? What do all these fiascos have in common? I'd like to have an ownership whose actions don't negatively impact the franchise and the Wilpon's sleazy tactics seem to have a negative impact on achieving that goal to their own peril.
in NY and BOS - and other major sports cities where you have gaggles of reporters following the team stuff leaks. all the time.
and go look up the Dodgers debacle - it was like a soap opera with a divorce and a major sports team as the child they were using as leverage.
very public.
I didn't say there's not an abundance of owners just like the Wilpons in that respect. Dolan and several different Islander ownerships have done the same for 3 decades. Even in the NFL there are a lot more Jerry Jones/Daniel Snyders than Mara/Tisch/Blank/Rooney.
The point is that the Wilpons have a habit of blowing deals in a way that very negatively impacts their own team - with petty leaking being a feature of that trend. If you plotted the relationship between the other franchises you mentioned when they acted similarly to the Wilpons and when they were most successful on the field, it would likely overlap more with their poor stretches rather than their successful runs. I.e. Steinbrenner's suspension directly coinciding with the Yankee dynasty being born. The LAD debacle coinciding with the bankruptcy and their recent great run under a much more professional management group. The Red Sox success has come under the ownership group that's brought relatively quiet stability.
The only time something important was kept quiet under the Wilpons was the negotiations with Cohen prior to the agreement leaking out. How did things go once both sides started leaking things to the press as they were trying to finalize that agreement? Thank god Cohen seems to really want the team because the leaks certainly did their best to communicate that he acted so poorly MLB would never let him own a team after "what he pulled".
Charles Gasparino
@CGasparino
·
11m
BREAKING: With weak bids Steve Cohen is definitely in the driver's seat on @Mets
sale. Hes a limited partner who owns 8% of the team, so he will see other bids, I am told. He doesnt have to make any Thursday deadline. He can just sit back and play his hand more @FoxBusiness
115pm
Wilpons are shitty owners and we can spend says regaling their bullshit, but my point is in this case, not every case, I don't think the links necessarily coming from them and with any major potential sale like this there would be leaks and a court of public opinion.
Charles Gasparino
@CGasparino
·
11m
BREAKING: With weak bids Steve Cohen is definitely in the driver's seat on @Mets
sale. Hes a limited partner who owns 8% of the team, so he will see other bids, I am told. He doesnt have to make any Thursday deadline. He can just sit back and play his hand more @FoxBusiness
115pm
Best news I've heard since the last time he almost bought them. Let's go.
this isnt just dot connecting click bait. They know Cohen is what met fans want to hear about. If it doesnt happen they just say "he decided not to bid".
What about Cohen makes you think he will be Snyder? Other then being rich is there anything similar about them? Also who knows how snyder would be as a MLB owner with no salary cap. NOt saying i want Snyder (again not sure why cohen is snyder), just saying.
that Cohen won't be a carbon copy of Daniel Snyder?
well for one Snyder isn't a real football fan let alone redskins "fan", his inheritance of the team was strictly profit driven.
Cohen has been with the organization and knows baseball operations, also regarded as a savvy Mets fan and would be a minority owner who might make even of an attraction to players.
Its the dream scenario that we have been waiting for decades for. please be true.
you guys are missing the big worry - what if it's the Wilpons trying
to get other bids up by leaking exaggerated accounts that the big fish is back in. I'm not saying there's no truth to, I have always felt Cohen was still the favorite and probably still think that now, but I think it's reasonable to worry if the Wilpons are doing whatever they can to try to leverage the other buyers. If the other offers are truly underwhelming they could easily work out a deal quietly with Cohen and not do the dog and pony show round 1/round 2 play by play in the media.
Wilpons are shitty owners and we can spend says regaling their bullshit, but my point is in this case, not every case, I don't think the links necessarily coming from them and with any major potential sale like this there would be leaks and a court of public opinion.
just my opinion.
Do you think Steve Phillips had the greenlight to spend the money to sign A-Rod but chose not to? I'm sure Steve Phillips regrets some of the things he did that were within his control like his comments to the press, but that contractual negotiation was not one of them - giving out the biggest contracts in a sports history is always an ownership decision.
if you watch Billions, Bobby Axelrod was loosely based on Cohen.
Cohen comes from a humble middle class upbringing, Snyder was wealthy. Cohen essentially turned 10M into 12B and has a reputation for being shady AF. Though he's not been personally caught for any of the big crimes (he did plead guilty to insider trading - which ultimately was a slap on the wrist).
Like Bobby Axelrod.
I expect he'll be competitive like Mark Cuban, but mostly hire good people (at least that's my hope).
In any event I obviously don't know either personally but other than being wealthy I don't know Snyder and Cohen have any similarities.
if you watch Billions, Bobby Axelrod was loosely based on Cohen.
Cohen comes from a humble middle class upbringing, Snyder was wealthy. Cohen essentially turned 10M into 12B and has a reputation for being shady AF. Though he's not been personally caught for any of the big crimes (he did plead guilty to insider trading - which ultimately was a slap on the wrist).
Like Bobby Axelrod.
I expect he'll be competitive like Mark Cuban, but mostly hire good people (at least that's my hope).
In any event I obviously don't know either personally but other than being wealthy I don't know Snyder and Cohen have any similarities.
So now take all that - do you see that guy like that wanting to be publicly left at the alter a second time for something he really wants that he already partially owns? Who benefits from rumors of his involvement right now?
Wilpons are shitty owners and we can spend says regaling their bullshit, but my point is in this case, not every case, I don't think the links necessarily coming from them and with any major potential sale like this there would be leaks and a court of public opinion.
just my opinion.
Do you think Steve Phillips had the greenlight to spend the money to sign A-Rod but chose not to? I'm sure Steve Phillips regrets some of the things he did that were within his control like his comments to the press, but that contractual negotiation was not one of them - giving out the biggest contracts in a sports history is always an ownership decision.
I don't know it never even got to money with the Mets b/c of Phillips negotiating and to be fair Hicks came over the top so hard it may not have mattered - the Mets maybe had no plans to match that contract. Reports are the Mets were prepared to go to 120M maybe, Hicks offered $250M.
but the way Phillips negotiated publicly (or refused to negotiate) (24 plus one) bullshit - was all on him IMO.
if you watch Billions, Bobby Axelrod was loosely based on Cohen.
Cohen comes from a humble middle class upbringing, Snyder was wealthy. Cohen essentially turned 10M into 12B and has a reputation for being shady AF. Though he's not been personally caught for any of the big crimes (he did plead guilty to insider trading - which ultimately was a slap on the wrist).
Like Bobby Axelrod.
I expect he'll be competitive like Mark Cuban, but mostly hire good people (at least that's my hope).
In any event I obviously don't know either personally but other than being wealthy I don't know Snyder and Cohen have any similarities.
So now take all that - do you see that guy like that wanting to be publicly left at the alter a second time for something he really wants that he already partially owns? Who benefits from rumors of his involvement right now?
You've heard my theory before. I don't believe Cohen was left at the altar. I think he was setting up this altar.
I think he thinks that far ahead and can be that manipulative - and COVID not withstanding (to the value) he had no intention of moving forward at 2.6B without SNY and with a 5 year transition period. I believe that was staged.
Besides the fact it seems like he's about 100x more intelligent than Snyder, he also seems much more grounded as a human and not some weird creep who hangs around in the shadows throwing out strange statements like Snyder does.
Cohen does strike me as a guy who is going to demand results though. He may be a bit George Steinbrenner like in that regard, as in maybe being a guy who is quick to fire people if things don't go well.
But he's clearly the best option. I see no reason at all to think the Mets won't have a consistent top 5 payroll (maybe even higher than that) with him. He could pump $500 million a year into the team off his bank interest alone.
and Eduardo Rodriguez tested positive, 6 Phillies (3 players) did as well, Franmil Reyes being held out "precautionary", Juan Soto away from the team after exposure to teammate who tested positive, Kole Calhoun positive
he's a stalking horse, it only helps the Wilpons. It doesn't make him "look bad" if he sits this whole thing out. I'm concerned this is the Wilpons spreading his "interest" and not based in reality. Would love to be wrong.
he's a stalking horse, it only helps the Wilpons. It doesn't make him "look bad" if he sits this whole thing out. I'm concerned this is the Wilpons spreading his "interest" and not based in reality. Would love to be wrong.
that makes 2 of us. I would still bet him vs. the field, but it wouldn't be a supremely confident bet.
fail to see downside for Cohen. Even for him to be "used" by the Wilpons here. If they sell for 2.1 billion (just as an example) then Cohen's share of the team is worth what? 160 million? For simply sitting there and allowing his name to be used? He didn't even really say much the first time around so it's not as if we can expect him to come out and say he's not involved (or confirm that he is).
fail to see downside for Cohen. Even for him to be "used" by the Wilpons here. If they sell for 2.1 billion (just as an example) then Cohen's share of the team is worth what? 160 million? For simply sitting there and allowing his name to be used? He didn't even really say much the first time around so it's not as if we can expect him to come out and say he's not involved (or confirm that he is).
On top of that, the bigger upside for Cohen is that he may now get the whole team (or a majority of it) for less than the "original" offer and it may include part or all of SNY and no 5-year transition.
worst thing for Cohen is his name is being used to drive up the price of something he might get paid on?
yup 100%. It's win-win. I'm skeptical he's involved until we see some movement. A bid, a statement, something other than "people say he's interested". I would 100% love to be wrong.
Pile on with "I told you so's" (I will gladly accept them) but I still believe the next owner of the Mets will be someone *other* than Steve Cohen
Dan - do you think it will be someone other than the Wilpons? I know that a non-Cohen ownership may not mean we all of a sudden become a team that spends money, but an owner that maybe is in tune with the fans.
Pile on with "I told you so's" (I will gladly accept them) but I still believe the next owner of the Mets will be someone *other* than Steve Cohen
Dan - do you think it will be someone other than the Wilpons? I know that a non-Cohen ownership may not mean we all of a sudden become a team that spends money, but an owner that maybe is in tune with the fans.
I just find the whole Cohen thing to be suspicious and Joe Pantorno from AMNY had sources calling the sudden rise of Cohen's name to be "fishy". Some claim he's bidding today, others claim he will wait it out and the the most prominent reporter claiming he's involved are Charles Gasparino who within hours went from 100% not in, to the favorite to now saying Cohen this morning may still "walk away" if he doesn't like what he's hearing from the Wilpons. I do believe the team will have new owners in 2021. I just don't believe it's going to be Cohen. I would truly love to be wrong.
I just find the whole Cohen thing to be suspicious and Joe Pantorno from AMNY had sources calling the sudden rise of Cohen's name to be "fishy". Some claim he's bidding today, others claim he will wait it out and the the most prominent reporter claiming he's involved are Charles Gasparino who within hours went from 100% not in, to the favorite to now saying Cohen this morning may still "walk away" if he doesn't like what he's hearing from the Wilpons. I do believe the team will have new owners in 2021. I just don't believe it's going to be Cohen. I would truly love to be wrong.
Thanks Dan, I agree with you, I hope it's Cohen but I want to be realistic. I know all the cliches "Grass is not always greener", "Better to dance with the devil you know"...
I just hope their is some new ownership as I stated above because I feel the Wilpons are not in sync with the loyal fans.
One variable that I haven’t seen is whether minority
Owners were given a rofr when they purchased minority shares. If they were being able to sit out round one makes a ton of sense since there is no reason to bid against yourself.
the only thing that matters is the Wilpons out bc we have no idea who
will be a good owner and who won't, though I'd almost guarantee anyone would be better than them. More money certainly helps, so I can see why we'd root for Cohen in that respect but there are plenty of owners who have no problem spending but still suck at being owners (Dolan and Snyder to name 2 - though obviously each has big differences from Cohen).
All that said since Cohen has the most money, has shown a willingness to spend it on this franchise, and has the inside track if he wants it, there's no way in my mind he will be anything other than the odds on favorite until there's a signed deal with someone else. He has full visibility as a minority owner and the ability to come in over the top of whatever he chooses - and he could very well do so at a number lower than the one he'd previously agreed to. Any leaks, rumors, or press reports short of "signed agreement in place" or direct quotes attributed to Cohen will change these facts. Cohen will loom over this process until the moment a deal is done with someone else and the longer it takes for someone else to get aggressive the more likely it is the Wilpon's will go back to him.
Rumors are that initial bids are lower than expected
by the Mets without SNY unless its at a bargain basement price. The Wilpons have transferred the entire value of the franchise into the TV network and left nothing but debt on the team side.
by the Mets without SNY unless its at a bargain basement price. The Wilpons have transferred the entire value of the franchise into the TV network and left nothing but debt on the team side.
How different is it from the Dodgers sale in bankruptcy? Their 2bn sale was 600m more than their Forbes estimate at the time, which would seem foolish except for the fact that 10 years later Forbes estimates them as the 2nd most valuable franchise at 3.4bn.
Cohen's prior agreement was 200m above Forbes current estimate for the Mets and with everything that has happened since it seems a near certainty the price tag will be even lower than that.
didnt have quite the same debt level in part because MLB stepped in. The Dodgers also had a TV deal coming in (which they blew out of the water).
Every time someone brings up the Dodgers I am brought back to college where I went to school with a McCourt (his nephew). His family made a ton of money off the big dig, just shadiness everywhere.
Because the people who bought the Dodgers got the whole operation
whoever buys the Mets gets all the debt and no network. It's possible a criminal with the amount of money Cohen has stolen is willing to eat the loss for the fame and fun of being the owner of his favorite team.
RE: Because the people who bought the Dodgers got the whole operation
whoever buys the Mets gets all the debt and no network. It's possible a criminal with the amount of money Cohen has stolen is willing to eat the loss for the fame and fun of being the owner of his favorite team.
The Dodgers sale included the team, stadium, and the parking lot. The TV rights were up for a new contract but they didn't have a network. The rights obviously ended up being extremely lucrative but that situation was not apples to apples with an established profitable network like SNY, and the Forbes methodology doesn't include the TV entities in their valuations.
A good ownership group has this franchise worth more than 3bn within the next decade. This sale will be just like the Clippers with the right owner - perhaps even better financially. #6 New York Mets - $2.4bn - ( New Window )
id guess it will cost the Wilpons 200-400m from what Cohen offered whether it's him or some other group. But also a lot hinges on whether or not they want any crazy terms (like remaining in control for a period of time).
I guess that's one fortunate side effect though, if they thought there was any chance they could dump Cohen and find someone else who would let them stay in charge that door has probably been completely slammed shut by C-19. If there was 1 ownership group that couldn't afford operating at reduced revenue levels it was definitely them.
Steve Cohen, billionaire hedge fund manager and minority owner of the Mets, is among a group of at least five bids to purchase the Mets, according to a new report.
Per Scott Soshnick of Sportico, Cohen, Devils and 76ers owner Josh Harris (along with business partner David Blitzer), and former big-leaguer Alex Rodriguez all submitted "first-round bids" to purchase the team, meeting the reported deadline of July 9 set by Allen & Company, the investment bank overseeing the sale.
Ugh really wanted to see this team at Citi this year too.
really feel like Mets are close to making a dramatic u-turn for the better and Cohen taking over would be power move that would fire this fan base up.
LGFM
Would you go?
That said its exciting to see Cohen back in the bidding. I mean if he wants them he will win the bidding.
That said its exciting to see Cohen back in the bidding. I mean if he wants them he will win the bidding.
Absolutely, and when you think about it, he was originally going to pay $2.7B without SNY and might be able to save himself about $700M. You wonder if he was really behind this all along to end up getting a fair market value price.
And I again, I know it sounds conspiracy theory-ish, but I would not be shocked if Cohen was pulling the strings all along on this.
@CGasparino
· 1h
As @FoxBusiness reported hedge fund billionaire Steve Cohen is interested in @Mets & amid weak bidding we reported on yesterday he is seen as favorite to buy team. Questions remain including getting control from the Wilpons, poss @SNYtv purchase meaning process is just beginning
What is SNY without the Mets?
(unknowns of the pandemic notwithstanding)
What is SNY without the Mets?
Aside from the Nets and some college football/basketball, nothing. It also wouldn't surprise me if the Wilpon's put some type of clause that SNY has a lifetime contract with airing Mets games. I get that it is a consistent revenue stream, but why else would they want to hold on to it?
Obviously, you have to think the worst with anything that has the Wilpon's attached to it.
Sometimes the sides in a negotiation would plant stories to influence the negotiation. It was a common and slightly sleazy practice.
That's the exact point. Serious and professional parties don't normally negotiate through the media - the Wilpons always seem to. Remember the Einhorn fiasco? And the Doubleday fiasco? The A-Rod fiasco? Mike Hamptom? And the Steve Cohen part 1 fiasco? What do all these fiascos have in common? I'd like to have an ownership whose actions don't negatively impact the franchise and the Wilpon's sleazy tactics seem to have a negative impact on achieving that goal to their own peril.
and go look up the Dodgers debacle - it was like a soap opera with a divorce and a major sports team as the child they were using as leverage.
very public.
and go look up the Dodgers debacle - it was like a soap opera with a divorce and a major sports team as the child they were using as leverage.
very public.
I didn't say there's not an abundance of owners just like the Wilpons in that respect. Dolan and several different Islander ownerships have done the same for 3 decades. Even in the NFL there are a lot more Jerry Jones/Daniel Snyders than Mara/Tisch/Blank/Rooney.
The point is that the Wilpons have a habit of blowing deals in a way that very negatively impacts their own team - with petty leaking being a feature of that trend. If you plotted the relationship between the other franchises you mentioned when they acted similarly to the Wilpons and when they were most successful on the field, it would likely overlap more with their poor stretches rather than their successful runs. I.e. Steinbrenner's suspension directly coinciding with the Yankee dynasty being born. The LAD debacle coinciding with the bankruptcy and their recent great run under a much more professional management group. The Red Sox success has come under the ownership group that's brought relatively quiet stability.
The only time something important was kept quiet under the Wilpons was the negotiations with Cohen prior to the agreement leaking out. How did things go once both sides started leaking things to the press as they were trying to finalize that agreement? Thank god Cohen seems to really want the team because the leaks certainly did their best to communicate that he acted so poorly MLB would never let him own a team after "what he pulled".
@CGasparino
·
11m
BREAKING: With weak bids Steve Cohen is definitely in the driver's seat on @Mets
sale. Hes a limited partner who owns 8% of the team, so he will see other bids, I am told. He doesnt have to make any Thursday deadline. He can just sit back and play his hand more @FoxBusiness
115pm
And he has admitted it and regretted it.
Wilpons are shitty owners and we can spend says regaling their bullshit, but my point is in this case, not every case, I don't think the links necessarily coming from them and with any major potential sale like this there would be leaks and a court of public opinion.
just my opinion.
@CGasparino
·
11m
BREAKING: With weak bids Steve Cohen is definitely in the driver's seat on @Mets
sale. Hes a limited partner who owns 8% of the team, so he will see other bids, I am told. He doesnt have to make any Thursday deadline. He can just sit back and play his hand more @FoxBusiness
115pm
Best news I've heard since the last time he almost bought them. Let's go.
Where are the similarities? Why not a carbon copy of any other billionaire owner?
What about Cohen makes you think he will be Snyder? Other then being rich is there anything similar about them? Also who knows how snyder would be as a MLB owner with no salary cap. NOt saying i want Snyder (again not sure why cohen is snyder), just saying.
well for one Snyder isn't a real football fan let alone redskins "fan", his inheritance of the team was strictly profit driven.
Cohen has been with the organization and knows baseball operations, also regarded as a savvy Mets fan and would be a minority owner who might make even of an attraction to players.
Its the dream scenario that we have been waiting for decades for. please be true.
And he has admitted it and regretted it.
Wilpons are shitty owners and we can spend says regaling their bullshit, but my point is in this case, not every case, I don't think the links necessarily coming from them and with any major potential sale like this there would be leaks and a court of public opinion.
just my opinion.
Do you think Steve Phillips had the greenlight to spend the money to sign A-Rod but chose not to? I'm sure Steve Phillips regrets some of the things he did that were within his control like his comments to the press, but that contractual negotiation was not one of them - giving out the biggest contracts in a sports history is always an ownership decision.
Cohen comes from a humble middle class upbringing, Snyder was wealthy. Cohen essentially turned 10M into 12B and has a reputation for being shady AF. Though he's not been personally caught for any of the big crimes (he did plead guilty to insider trading - which ultimately was a slap on the wrist).
Like Bobby Axelrod.
I expect he'll be competitive like Mark Cuban, but mostly hire good people (at least that's my hope).
In any event I obviously don't know either personally but other than being wealthy I don't know Snyder and Cohen have any similarities.
Cohen comes from a humble middle class upbringing, Snyder was wealthy. Cohen essentially turned 10M into 12B and has a reputation for being shady AF. Though he's not been personally caught for any of the big crimes (he did plead guilty to insider trading - which ultimately was a slap on the wrist).
Like Bobby Axelrod.
I expect he'll be competitive like Mark Cuban, but mostly hire good people (at least that's my hope).
In any event I obviously don't know either personally but other than being wealthy I don't know Snyder and Cohen have any similarities.
So now take all that - do you see that guy like that wanting to be publicly left at the alter a second time for something he really wants that he already partially owns? Who benefits from rumors of his involvement right now?
Quote:
though, it was Phillips.
And he has admitted it and regretted it.
Wilpons are shitty owners and we can spend says regaling their bullshit, but my point is in this case, not every case, I don't think the links necessarily coming from them and with any major potential sale like this there would be leaks and a court of public opinion.
just my opinion.
Do you think Steve Phillips had the greenlight to spend the money to sign A-Rod but chose not to? I'm sure Steve Phillips regrets some of the things he did that were within his control like his comments to the press, but that contractual negotiation was not one of them - giving out the biggest contracts in a sports history is always an ownership decision.
I don't know it never even got to money with the Mets b/c of Phillips negotiating and to be fair Hicks came over the top so hard it may not have mattered - the Mets maybe had no plans to match that contract. Reports are the Mets were prepared to go to 120M maybe, Hicks offered $250M.
but the way Phillips negotiated publicly (or refused to negotiate) (24 plus one) bullshit - was all on him IMO.
Quote:
if you watch Billions, Bobby Axelrod was loosely based on Cohen.
Cohen comes from a humble middle class upbringing, Snyder was wealthy. Cohen essentially turned 10M into 12B and has a reputation for being shady AF. Though he's not been personally caught for any of the big crimes (he did plead guilty to insider trading - which ultimately was a slap on the wrist).
Like Bobby Axelrod.
I expect he'll be competitive like Mark Cuban, but mostly hire good people (at least that's my hope).
In any event I obviously don't know either personally but other than being wealthy I don't know Snyder and Cohen have any similarities.
So now take all that - do you see that guy like that wanting to be publicly left at the alter a second time for something he really wants that he already partially owns? Who benefits from rumors of his involvement right now?
You've heard my theory before. I don't believe Cohen was left at the altar. I think he was setting up this altar.
I think he thinks that far ahead and can be that manipulative - and COVID not withstanding (to the value) he had no intention of moving forward at 2.6B without SNY and with a 5 year transition period. I believe that was staged.
Cohen does strike me as a guy who is going to demand results though. He may be a bit George Steinbrenner like in that regard, as in maybe being a guy who is quick to fire people if things don't go well.
But he's clearly the best option. I see no reason at all to think the Mets won't have a consistent top 5 payroll (maybe even higher than that) with him. He could pump $500 million a year into the team off his bank interest alone.
that makes 2 of us. I would still bet him vs. the field, but it wouldn't be a supremely confident bet.
On top of that, the bigger upside for Cohen is that he may now get the whole team (or a majority of it) for less than the "original" offer and it may include part or all of SNY and no 5-year transition.
worst thing for Cohen is his name is being used to drive up the price of something he might get paid on?
Dan - do you think it will be someone other than the Wilpons? I know that a non-Cohen ownership may not mean we all of a sudden become a team that spends money, but an owner that maybe is in tune with the fans.
Quote:
Pile on with "I told you so's" (I will gladly accept them) but I still believe the next owner of the Mets will be someone *other* than Steve Cohen
Dan - do you think it will be someone other than the Wilpons? I know that a non-Cohen ownership may not mean we all of a sudden become a team that spends money, but an owner that maybe is in tune with the fans.
I just find the whole Cohen thing to be suspicious and Joe Pantorno from AMNY had sources calling the sudden rise of Cohen's name to be "fishy". Some claim he's bidding today, others claim he will wait it out and the the most prominent reporter claiming he's involved are Charles Gasparino who within hours went from 100% not in, to the favorite to now saying Cohen this morning may still "walk away" if he doesn't like what he's hearing from the Wilpons. I do believe the team will have new owners in 2021. I just don't believe it's going to be Cohen. I would truly love to be wrong.
I just find the whole Cohen thing to be suspicious and Joe Pantorno from AMNY had sources calling the sudden rise of Cohen's name to be "fishy". Some claim he's bidding today, others claim he will wait it out and the the most prominent reporter claiming he's involved are Charles Gasparino who within hours went from 100% not in, to the favorite to now saying Cohen this morning may still "walk away" if he doesn't like what he's hearing from the Wilpons. I do believe the team will have new owners in 2021. I just don't believe it's going to be Cohen. I would truly love to be wrong.
Thanks Dan, I agree with you, I hope it's Cohen but I want to be realistic. I know all the cliches "Grass is not always greener", "Better to dance with the devil you know"...
I just hope their is some new ownership as I stated above because I feel the Wilpons are not in sync with the loyal fans.
All that said since Cohen has the most money, has shown a willingness to spend it on this franchise, and has the inside track if he wants it, there's no way in my mind he will be anything other than the odds on favorite until there's a signed deal with someone else. He has full visibility as a minority owner and the ability to come in over the top of whatever he chooses - and he could very well do so at a number lower than the one he'd previously agreed to. Any leaks, rumors, or press reports short of "signed agreement in place" or direct quotes attributed to Cohen will change these facts. Cohen will loom over this process until the moment a deal is done with someone else and the longer it takes for someone else to get aggressive the more likely it is the Wilpon's will go back to him.
How different is it from the Dodgers sale in bankruptcy? Their 2bn sale was 600m more than their Forbes estimate at the time, which would seem foolish except for the fact that 10 years later Forbes estimates them as the 2nd most valuable franchise at 3.4bn.
Cohen's prior agreement was 200m above Forbes current estimate for the Mets and with everything that has happened since it seems a near certainty the price tag will be even lower than that.
Every time someone brings up the Dodgers I am brought back to college where I went to school with a McCourt (his nephew). His family made a ton of money off the big dig, just shadiness everywhere.
The Dodgers sale included the team, stadium, and the parking lot. The TV rights were up for a new contract but they didn't have a network. The rights obviously ended up being extremely lucrative but that situation was not apples to apples with an established profitable network like SNY, and the Forbes methodology doesn't include the TV entities in their valuations.
A good ownership group has this franchise worth more than 3bn within the next decade. This sale will be just like the Clippers with the right owner - perhaps even better financially.
#6 New York Mets - $2.4bn - ( New Window )
In a COVID world when some don't see crowds at games even in 2021 franchise value is a wild card.
no one has a crystal ball.
I guess that's one fortunate side effect though, if they thought there was any chance they could dump Cohen and find someone else who would let them stay in charge that door has probably been completely slammed shut by C-19. If there was 1 ownership group that couldn't afford operating at reduced revenue levels it was definitely them.
SNY
@SNYtv
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Steve Cohen has reportedly put in a bid to buy the Mets https://on.sny.tv/IQUkoD9
Steve Cohen among group of at least five bids submitted to purchase Mets: report
link - ( New Window )
Per Scott Soshnick of Sportico, Cohen, Devils and 76ers owner Josh Harris (along with business partner David Blitzer), and former big-leaguer Alex Rodriguez all submitted "first-round bids" to purchase the team, meeting the reported deadline of July 9 set by Allen & Company, the investment bank overseeing the sale.