The New York Mets’ sale is down to just two bidders, but it’s anyone’s guess how this unpredictable sale is going to come to an end.
Dan Kaplan of The Athletic is reporting that Steve Cohen is still the favorite to purchase the New York Mets. With the second and final round of bids due in just 12 days, MLB is extremely worried about the sale.
According to Kaplan MLB and the 29 other owners hate both options. They view Alex Rodriguez and Jennifer Lopez as another Derek Jeter. A group headlined by big names that doesn’t have the financial ability to run a baseball team after scraping their last dime together to purchase the team.
That’s the last thing MLB wants, especially in a major media market like New York. To make matters worse, huge debts are due on the team and Citi Field in 2021 and J-Rod would likely need to make heavy payroll slashes to have enough money to make those payments.
On the other hand, Cohen’s bad business practices are scaring off MLB and the owners. He had a run-in with the SEC in 2013 that cost him $1.8 billion and his company, 72Point, was just sued for sexual discrimination.
One source told Kaplan, “I have talked to three owners who say they won’t approve Cohen.”
To be approved Cohen needs 3/4ths of the vote. That means 22 of the 29 voting owners would need to approve the sale to Cohen. If Cohen’s already lost three, that means he’s in very real jeopardy of not being approved.
However, at the end of the day, all parties acknowledge that money will win out. Even a source close to J-Rod’s group told Kaplan, “If Cohen wants it, this is his.”
This sale could all come down to how much Cohen is willing to bid in the end. Is that number going to be enough for MLB and the other owners to overlook his past shady business dealings?