Steve Cohen’s bid is still looming large over the Wilpons’ potential sale of the New York Mets. SNY could also be involved as well.
Daniel Kaplan of The Athletic is reporting that the New York Mets‘ sale is being hurt by Steve Cohen‘s presence. Sports bankers are telling Kaplan that potential buyers are afraid of being used as a “stalking horse” in the process.
Potential buyers are scared that they’ll put together a bid and the Wilpons will crawl back to Cohen. They don’t want to waste the time and effort to put together an offer if it’s not going to mean anything.
Cohen is also still present in the Mets organization. He owns eight percent of the team. That means he’s going to be privy to most notes about a potential sale of the team, which will allow him to play defense and create a better opportunity for himself.
The whole situation around Cohen is a mess and makes a potential sale difficult. Adding to that difficulty is the sale of SNY, which is a big moneymaker for the organization. That’s where the Wilpons are getting the majority of their money, according to Kaplan.
However, regional sports networks are dying due to online streaming. According to Kaplan, the Wilpons aren’t likely to get more than half of their likely asking price for SNY.
That makes a potential deal even more complicated and difficult. That’s not all, though. Sports bankers are also openly wondering if the Houston Astros’ cheating scandal has hurt the value of MLB franchises.
The bad press surrounding the league is scaring off some potential buyers. Others are wary of the bad press and it could cause them to lower their offer.
This sale is way more complicated than when the Wilpons announced their plan just a few weeks ago. Don’t be surprised if the Wilpons end up going back to Cohen and his record-setting $2.6 billion bid.
