As the 2020 season seems to die in front of our eyes slowly, the potential sale of the New York Mets is heating up. Former buyers and new clients are lining up to purchase one of MLB’s most valuable franchises.
Steve Cohen is still interested in the #Mets despite reports to the contrary He will formalize deal terms when the teams are back playing. He isn't interested in reviving the terms of the failed deal. He wants more immediate control and/or SNY. I verified his interest again today
— Laura Goldman (@laurasgoldman) June 16, 2020
The Steve Cohen saga to purchase the Mets has no end in sight. He originally backed out from the 2.6 billion dollar deal, which included the Wilpons partial ownership for the following five seasons. Cohen said the Wilpons were negotiating in “bad faith” but does not rule out entering another bid. He is waiting on the season’s resumption and will also ask for more control of SNY with his future offer.
The group led by Alex Rodriguez and Jennifer Lopez are active in their pursuit of the Mets. They connected with an unnamed backer who could bring up to $250,000 to add to the group’s funds. Rumors say two investors through Galatiota Sports Partners will bring in a combined 250 million dollars.
Galatiota helped Josh Harris acquire the Philadelphia 76ers in 2011. Harris is also interested in purchasing the Mets. Based on his work with the 76ers and New Jersey Devils, he would be a terrific replacement to the Wilpons.
The longer baseball goes without a season, the lower the value of franchises become. The Wilpons, known for the lack of funds to run a franchise, hope to extend a 250 million dollar loan, which expires after July. They hope the loan extension is for a year, which gives time for all of the turmoil in baseball and the world to settle. They want to avoid an auction, which would make it easy for the Harris/Blitzer group to swoop in and buy.
If the Mets are not sold by 2021, they will partake in their version of Moneyball. Any high priced talent will either get kicked to the curb or never receive an offer. For most owners of a sports franchise, it becomes a business-first mentality, but it seems the Wilpon’s have forgotten about the sports side of it and just want to break even when they through with the franchise.