In December, the Mets were reportedly in talks with billionaire Steve Cohen to sell him an 80% share of the team, up from his 8% stake. In early February, the relationship between the Mets and Cohen soured as the Wilpons reportedly wanted to change the terms of the agreement. The thought was that Cohen would assume control by 2025, but the Wilpons wanted to hold onto power longer than that.
Per Jon Heyman, the Mets and Cohen have worked out their differences. Cohen is back in the running to purchase the team. Prospective bidders are expected to put in their bids by Thursday. Cohen, with a net worth well above $10 billion, is seen as the favorite. Other bidders include Josh Harris and David Blitzer, Álex Rodríguez and Jennifer Lopez, the Reuben brothers, along with one or two additional “mystery bidders,” as Heyman puts it.
The purported deal back in December would have valued the Mets at $2.6 billion. It will be interesting to see how the bids play out relative to that figure. Forbes currently values the Mets at $2.4 billion.
Fred Wilpon and Sterling Equities bought out Nelson Doubleday’s 50% share in the Mets for $391 million back in 2002. Last month, Cardinals owner Bill DeWitt Jr. said, “The industry isn’t very profitable, to be quite honest.” Hmm.