If you thought Steve Cohen might have to cut back a tad following the Mets’ offseason spending spree, think again.
New York Mets owner Steve Cohen’s Point72 hedge fund generated more than $2.4 billion in profits for investors last year.
Point72, whose headquarters are located in Stamford, Conn., posted a 10.3% net gain in 2022 despite economic headwinds, according to data from LCH Investments, which was cited by Financial Times.
Cohen, whose net worth has been valued by Bloomberg at nearly $13 billion, pocketed $1.7 billion in personal capital gains from his hedge fund, according to Institutional Investor.
Remember: Cohen paid only $2.4 billion for the team. The guy is clearing roughly $5 million a day. He can go get a new quality setup man for the bullpen every other day if he wants.
MORE: Who could Giants cut this offseason to free up cap space?
Nothing is ever guaranteed with the markets, of course. But this stuff has to make Manny Machado, Shohei Ohtani, Juan Soto and their respective armies of representatives salivate. They just had better hope their medicals check out if and when the time comes.
The Mets’ projected 2023 payroll is sitting in the $330 million range after the Carlos Correa deal fell through. And then you tack on the luxury tax payments and we’re looking at close to $500 million. What a world. The Wilpons feel like a century ago.
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James Kratch can be reached at james.kratch@xlmedia.com. Follow him on Twitter @jameskratch.
