What may be good for baseball and the Mets may not be good for the New York Yankees. Just a week ago, MLB announced that Steve Cohen was the new owner of the beleaguered New York Mets. The headline’s question is will the multi-billionaire aim to make the New York Yankees a second-class New York team. The answer is probably not, but that doesn’t mean that won’t be the result. The new Mets owner has vowed to make the Mets the greatest team in baseball.
To understand this, you have to understand the man. Thirtyish years ago, Cohen was but a brash late-’80s Wall Street trader and possibly not one of the most savory. But that has all changed with his founding and ownership of Point72 asset management company in Stamford, CT that has earned him a near $15 billion net worth. Cohen will not be shy in spending that money to make his latest endeavor successful and see him as a winner. Cohen is all about self-image and being at the top of his game.
The Wilpon family has owned the poor Mets for the last eighteen years. The time has been marked by divisiveness, incompetence, and being cash strapped as the owners tried to sell the team. The owners actually wanted to sell the team but continue to make the management decisions. Several people and associates have tried to buy them a team, including former Yankee Alex Rodriguez and Jennifer Lopez. A little over a week ago, 25 of the 30 MLB teams approved the sale, and Steve Cohen became the new New York Mets owner.
With New York City and surrounds being the largest sports market in America, the Mets’ sale to Cohen will significantly impact baseball players and, more specifically, on the New York Yankees. Whether intentional or not, this situation will cause greatly increased competition for the nation’s top players. If Cohen aims to make the Mets great, it will surely put a strain on the Steinbrenner family who’s net worth is a 10th of Cohen’s bucks.
Make no mistake about it; Cohen is a smart businessman who will not just through dollars at the team; however, he will make wise decisions to obtain the best players and management to bring the team success. He has already fired the general manager of the Mets and his staff. He had a minor ownership stake back in 2012 and previously failed to buy the team, but now that he owns it, he is determined to show the world that he and his new team are winners.
The New York Yankees will not be able to control what Cohen does with his new team, but they will be responsible for keeping the New York Yankees the leading team in baseball. Everything will depend on Hall Steinbrenner and the Steinbrenner family.
Several close to Steve Cohen say the billionaire who’s wealth is reportedly at $14.6 billion from his ownership of Point72 asset management company, doesn’t care if he makes money off the team; his sole goal is to make the New York Mets the team in New York City. This is awful news for Hal Steinbrenner and the Steinbrenner family as they are business people who want to profit from the team, not put their own money into it.
Hal Steinbrenner has already announced that he wanted the New York Yankees to stay under the baseball luxury tax threshold of $210 million. With so many needs, especially in repairing the starting pitching, that will be hard to do, and now with a looming financial battle, that may be impossible. There is no question that this new wrinkle has to please DJ LeMahieu, who may now be emboldened in his quest for more money and financial security in the future.
Hal Steinbrenner is reportedly worth only $1.2 billion; the family has a net worth as of 2015 at $3.8 billion. It’s actually hard to ascertain exactly how much they are worth because of their involvement with Legends Hospitality, the YES network, and other sport-related activities. What is clear is that the family is far in the shadows of the massively wealthy Steven Cohen. Hal is not his father, George M. Steinbrenner, who was not afraid to use his own money to make the New York Yankees the premier baseball team. It should be noted that Hal and his family do not own the Yankees; they own the controlling share of 55%.
Many believe now that Cohen has lost the second baseman, Robinson Cano, to a one-year suspension due to testing positive for PED’s, that he will use Yankees free agent DJ LeMahieu as his first conquest, outbidding the New York Yankees for MLB’s hitting leader and Silver Slugger. Winning over the Yankees will cement his determination to make the Mets better in the eyes of his the club’s fans and the financial world.