Before the vote, MLB is fully vetting Cohen, a process without a publicly known timelineGETTY IMAGES
MLB is "expected to hold a vote" on hedge fund billionaire Steve Cohen's approval as the Mets' new majority owner and control person "well before the mid-November owners’ meetings," according to a source cited by Healey & Lennon of NEWSDAY. Sources said that Cohen is "expected to be approved when a vote does happen." Healey & Lennon note that will require a "thumbs-up" from at least 23 of the other 29 team owners. Before the vote, MLB is "fully vetting Cohen, a process without a publicly known timeline." MLB typically holds in-person owners’ meetings four times per year. The next meetings are scheduled for Nov. 17-19 in the Dallas area. However, an in-person meeting is "not required to approve the sale of a club," as MLB can call a "special meeting in effect whenever it needs." This year, with all the "pandemic-related changes and fluidity to the season, conference calls have happened frequently." Among the "uncertainties is the ownership fate of the three minor-league teams owned and operated by the Mets: the Syracuse Mets, Brooklyn Cyclones and Port St. Lucie Mets" (NEWSDAY, 9/16). MLB Network’s Jon Heyman noted owners are "going to vet him," as they will "want to look at the workplace." Heyman: "There is a lawsuit pending now, not involving Steve Cohen personally, but his workplace. They will look at that carefully, but I don’t believe the Wilpons and Saul Katz would have gone through with this if they didn’t feel like they had the votes to get this done" ("The Rundown," MLB Network, 9/15).
OWNERS BLOC COULD DEVELOP: SNY.tv’s Andy Martino cited league execs who indicated that a "group of owners is less than thrilled about Cohen." Sources said that White Sox Chair Jerry Reinsdorf is "one of the anti-Cohen owners." Martino noted it is "not entirely clear what other owners' specific concerns are, but sources identified three main areas where potential issues could arise." Those are Cohen having been "investigated and fined for insider trading," though Cohen himself was not charged, as well as his current hedge fund being "accused of fostering a toxic work culture and one of unequal pay for women employees." Additionally, Cohen’s previous bid for the Mets "ended up ruffling some feathers around the league." However, it will "probably be difficult for owners to say no to a record valuation of more than $2.4 billion, because of the impact that could have on all franchise values" (SNY.tv, 9/15).
TALLYING DEBTS: In N.Y., Deesha Thosar writes Mets fans "need not be worried about the Wilpon/Katz families retaining 5% ownership in the Mets after Cohen is the control person," as Fred and Jeff Wilpon "will not be involved in day-to-day operations and will have no say in anything." Still, it is "unclear how much debt Cohen will be inheriting from the Wilpons." The Mets were estimated to be $90-100M in debt before the pandemic, and that number has "likely doubled without ticket revenue and the expenses involved with playing baseball this year." Meanwhile, the Wilpons are reportedly losing upwards of millions of dollars per year, "due in part to their previous involvement in Bernie Madoff’s Ponzi scheme" (N.Y. DAILY NEWS, 9/16).
FRONT OFFICE FOCUS: In N.Y., Mike Puma cites sources as saying that Mets Exec VP & GM Brodie Van Wagenen and Cohen have "spoken on several occasions since last winter, when Cohen, a minority partner, first entered exclusive negotiations to buy the team." The source indicated that there is a "sense of optimism among Van Wagenen’s staff that Cohen will give this front office at least into next season before considering changes." Puma reports the "expectation is Cohen would hire a team president to oversee the daily operations of the club." Those duties are presently handled by Jeff Wilpon (N.Y. POST, 9/16). In N.Y., Tyler Kepner writes whether or not Cohen retains Van Wagenen and his baseball operations department "will have to be cunning." The "No. 1 teams in the two biggest markets -- the Yankees and the Dodgers -- had the most victories in the 2010s, yet it has not been spending alone that has made them successful" (N.Y. TIMES, 9/16).
