The next sale of the Mets still will not involve the Wilpons giving up any control of SNYGETTY IMAGES
No preconditions regarding control of the Mets "will be attached to the upcoming sale" of the team, meaning whoever buys the Mets "will likely assume control immediately from the Wilpon family," according to a source cited by Scott Soshnick of BLOOMBERG NEWS. The proposed sale of the Mets to billionaire Steve Cohen was "scuttled by disagreement over a clause that would have allowed the current owners to control the franchise for five years after the deal had closed." Cohen at the outset had "agreed to the stipulation" that Mets Control Person & CEO Fred Wilpon "would remain the team's principal owner for at least five years -- after which Cohen would control the franchise." Mets COO Jeff Wilpon also "would stay on" in his role for the same period. Cohen was "in talks to increase his holding to as much as 80%." However, a source said that Cohen "sought to alter the agreement before closing," a "sentiment echoed by MLB Commissioner Rob Manfred." The source said that Allen & Co., the investment bank retained by the Mets, today will "begin its post-Cohen sales process." As was the case with the Cohen deal, "no part" of SNY will be "included in the sale." A source said that whoever buys the Mets will "assume annual losses" of at least $50M (BLOOMBERG NEWS, 2/9).
BACK TO THE DRAWING BOARD: The Mets now will conduct a "traditional sale process" after the proposed Cohen deal fell through, according to a source. The source termed this as a "reset," adding the sale process will entail the franchise "going out broadly to the world, not just to a very select two, three or four people close to the Mets." The source added, "It will probably take place over the next several months. The process will be different than the last one, which was sort of a one-off negotiation. This will be a much broader group." Meanwhile, the source echoed the comments Manfred made at the conclusion of owners meetings last week, when he said the idea that the Cohen deal "fell apart because of something the Wilpons did is completely and utterly unfair." The source said, "It had nothing to do with, as has been reported, intra-family issues related to Jeff. Just 100% wrong" (Eric Prisbell, THE DAILY).
LEAVING A BLACK MARK: In N.Y., Kosman & McEnery cited sources as saying that Cohen "broke the agreement he signed to buy" the Mets and it is now an "open question whether he would be allowed to buy a team again." The sources said that Cohen months ago "signed a non-binding deal to buy the Mets, called a term sheet, in which Cohen would gain more than half of the team's equity immediately but leave Fred Wilpon as the Mets control person for five years running the club." When he "realized Wilpon was going to really be in control for five years while Cohen owned a majority of the team's equity, Cohen got uncomfortable with the deal and worked on changing the terms." A source said that Cohen "either did not understand what he signed in the term sheet, or thought that once he had the deal, he could significantly alter the terms." Multiple sources also confirmed that the Wilpons "moved to codify Jeff's role within the Mets, demanding he stay on as COO for at least the five-year window." They also "wanted language included that would give Jeff gradual but sizable pay raises every year for the five years and maintain the level of perks to which he had become accustomed as owner and COO." Nevertheless, the Mets and MLB "believe Cohen acted in bad faith, and that, coupled with his record as a controversial hedge fund manager who was suspended from managing outside money, means he may not get the support from owners to buy a team again" (N.Y. POST, 2/8).
DROWNING OUT THE NOISE: On Long Island, Tim Healey noted the Mets beginning Spring Training today marks the "end of a dizzying offseason that included two managerial hires and one failed team sale to a multibillionaire Mets fan," and now the "focus mostly will be on actual baseball things on actual baseball fields." Mets Exec VP & GM Brodie Van Wagenen said it is "refreshing" to be able to focus on preparing for games (NEWSDAY, 2/9). In N.Y., Mike Vaccaro wrote there has "rarely been another year when pitchers and catchers have been more looked forward to -- out of necessity more than yearning." The Mets "need to start playing baseball," because only in playing baseball "can the turbulent past few weeks finally be put behind everyone" (N.Y. POST, 2/9).
