Steve Cohen’s $2.6 billion bid to own the Mets is dead.
What happened with Steve Cohen and the Mets? Well I’ll take you through it.
On November 4th, the Wilpons and Steve Cohen agreed to a $2.6 billion deal that would give majority ownership to Cohen at the end of a five year period that would see him get more control of the team, before taking control in the 5th year. The deal didn’t include the SNY network, which would still be run by the Wilpons.
But this week, we have learned that the Wilpons changed the deal as the two sides sat down to hammer the physicals out.
They said that Cohen would have no say in any decisions the organization makes, until the 5th and final year of the contract. Cohen would also get no money until the 5th year. Why? Well apparently their is a rule in the MLB constitution that basically rules against Cohen getting more control in each year of his contract until the 5th year.
However, the decision not to pay Cohen until the 5th year was reportedly the Wilpons decision.
Steve also wouldn’t even get control over SNY here as well, which would’ve been a nice gesture to keep Cohen engaged with the Wilpons until the 5th year where he would take 80% of the team.
The Wilpons also said to Cohen, that they still must be able to have a say in all Mets decisions even when Cohen becomes the majority owner.
This obviously didn’t suite well with Cohen, as he tried to renegotiate the deal with the Wilpons and try to get it down to a shorter time period, even changing the price of the deal, but the Wilpons wouldn’t budge on the demands they had set, and with that, the sides parted ways.
Cohen reportedly had invitations ready to be sent out for an Opening Day gala, that would celebrate his eventual ownership of the New York Mets, but that will not happen now.
It remains to be seen whether Cohen will be able to own another team again, as the MLB feels that he didn’t negotiate in good faith.
What do you guys think?
I feel that he did, and the Wilpons were the ones at fault here.
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