There are monumental changes coming to the New York Mets’ ownership group, but the Wilpons will maintain control for at least five more years.
The times they are a-changing in Flushing. First reported by Ken Rosenthal of The Athletic, the Sterling Partners and Steve Cohen are increasing their investment in the Mets. That being said, the Wilpons will retain control over the team for the next five years.
However, as reported by Joel Sherman of the New York Post, the deal means that Cohen will become the majority owner after five years. As a result, it appears as if Cohen will assume control over the team after those five years pass. As Sherman notes, Cohen could allow the Wilpons to continue running the Mets, but if he’s the majority owner, it would stand to reason that he would want to take over as CEO from Fred Wilpon.
This is major news, but a lot can change in five years. For the time being, everything will continue to run through the Wilpons. Fred Wilpon will continue to serve as CEO and Jeff Wilpon will retain his position as COO.
Mets fans should still maintain a healthy level of skepticism. David Einhorn attempted to buy a minority stake in the team in 2011 with an avenue to 60% ownership within three-to-five years, but that deal fell through.
This is different because Cohen already owns a minority stake in the team, but again, a lot can change in five years.
This news broke soon after the Mets learned they had lost Zack Wheeler to the Philadelphia Phillies. The division rival signed Wheeler to a five-year, $118 million deal.
Spending money on marquee free agents has always been something that fans want to see more of. Opening up the checkbook for Wheeler never seemed likely for the Mets, but perhaps that sort of thing will change when Cohen eventually takes over the operation.