I reported earlier in the week, when talks of salvaging the sale of the New York Mets to Steve Cohen were at its highest, that the deal was dead. It was confirmed in the past 24 hours that, yes, the sale to minority owner, Steve Cohen, was no more. The Wilpon’s are still set on trying to sell the team. But based on what’s coming out about the deal, who will honestly bite?
Ceremonial Roles Aren’t So Ceremonial
The two Wilpon’s, after surrendering majority control to Cohen in 2025, would still keep the roles they currently have with the team (Fred as managing general partner, and Jeff the COO). Everyone, including Cohen, thought that the Wilpon’s would serve as the Royal Family to the Mets. You know how Queen Elizabeth is queen, but the monarchy hasn’t had legitimate legislative power in real long time? Every New York Mets fan assumed that would be the case here, and were fine with that. But the language the Wilpon’s worked in, late in finalizing the deal, stated clearly that Cohen would still be ceding the authority to make decisions as to the managing general partner, and as the COO to both Wilpon’s till at least 2030.
So why would anyone want to buy a team, to only have the owners stick around making key baseball decisions till 2030, and not surrendering control of the team till 2025?
Could you imagine if CBS still were making decisions with George Steinbrenner as the owner of the Yankees for 10 years after George became the owner? That’s basically what the Wilpon’s are trying to do. If you’re going to sell the team, SELL THE TEAM! Cut ties, rip the band-aid off, end all communications with the people who took over your job.
The desire for the Wilpon’s to establish this precedent will surely dampen any prospective buyers from taking ownership of the Mets. And at an asking price of $2.5 billion (half the value of the Yankees, but more than double the cost Derek Jeter bought the Marlins for), it seems unrealistic that the Wilpon’s will find a buyer, willing to settle for their terms much before the end of the 2020 season.