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Signs continue to point to hedge fund manager Steve Cohen buying into the Mets

May 6, 2011, 10:30 AM EDT

mets logo hat AP

Last month the New York Times identified hedge fund manager Steve Cohen as the frontrunner to buy a minority share of the Mets. Today the New York Post is saying that is still the case, reporting that Cohen was to meet with with the Wilpons and/or Saul Katz  “at 8 pm at Gabriele’s Steak House in his hometown of Greenwich, Conn.”  No word if he had the creamed spinach.

In the Times’ report, people who knew Cohen said that they would be surprised that he would accept a minority stake in the Mets, on the presumption that such a stake would provide him with no control over the direction of the team.  The Post reported last week, however, and repeats today, that “a minority owner will have significant input immediately on key budgetary decisions” and that he would “be part of a newly created board.”

Perhaps those changes were designed specifically for Cohen? Perhaps the hedge fund manager is looking for a foothold he could use to one day get a bigger piece of the Amazin’ pie?

  1. BC - May 6, 2011 at 10:40 AM

    I’ll say this one last time…..

  2. mattjg - May 6, 2011 at 10:42 AM

    You mean this Steve Cohen?

    Insider trading investigations: hey at least they aren’t Ponzi scheme convictions! I can’t see Selig/the other owners approving this given the Wilpons’ relationships with other questionable financiers.

  3. cur68 - May 6, 2011 at 10:45 AM

    Steve Cohen’d be seriously judgmentally impaired if he left the financial running of the team up to the Wilpons. If those guys were a player they’d have been demoted to single A by now. Lousy judgement calls, followed by poor decisions, garnished with poor production, topped by gross errors do not grant you “endless chances to get it right” if you are a player. See one Oliver Perez.

    The other thing is Steve Cohen’s solvency to buy into the team. Do the other owners have to approve a minority owner? If they do, can they force him to disclose his debt level? The last thing the poor Mets and MLB need is another debt ridden, leveraged to the eyeballs owner on board.

    The Wilpons should send Frank McCourt a buck to thank him for distracting the world from their own mess. Thanks to Frankie boy’s bungling around in LA the Wilpons have been able to fly under the radar for a bit.

  4. ltzep75 - May 6, 2011 at 1:42 PM

    Whomever ends up purchasing the team (and it will likely be some form of I-Banker/Financier/etc.) will almost certainly include a right of first refusal provision to purchase the remaining 0.02% at a pro-rated share of the original sale price (i.e.: they purcahse 49.99% interest, and thus still a “minority” owner). Thus, if the sale price previously stated as being around 200-250mm, a Wall St vulture could swoop in and effectively arrange a structured purchase of the Mets for a song. Also, at least with insider trading, its decidedly less risky than investing in a ponzi scheme; you may go to jail, but there’s little chance the transaction itself will have the value wiped out.

    However, as the NY Post reported this, I’m assuming its false, as EVERYONE knows its just a rag tabloid….

    /awaits PR comments of chrisny3…

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