What now? Questions and answers with Mets’ Steve Cohen deal in danger
The Wilpons’ and Katzes’ deal to sell the Mets to hedge-fund magnate Steve Cohen, who already owned a minority share of the team, is on life support. Got some questions? We have some answers.
Q: What in the name of David Einhorn is going on? Weren’t we already speculating about Cohen throwing money at Mookie Betts next offseason and cleaning house in the baseball operations department?
A: We were, and this development exemplifies just how difficult it can be to complete such a massive transaction. As former Mets catcher Yogi Berra once said, it ain’t over until it’s over.
Q. So how dead is this deal?
A: Not all-the-way dead to the point where the two sides have formally and publicly announced a parting of the ways. We know that from direct precedent dating back to 2011, as the Wilpons and interested buyer Einhorn declared those talks to be finished after several months of negotiations.
Q: Well, let’s say for argument’s sake that Cohen is serious about backing off. What happens next?
A: The Wilpons did engage other potential buyers before they focused on Cohen, so they could turn back to a person or group of people from that list.
Q: Could they simply call off the sale talks and find other means of funding to stay afloat, as they ultimately did in ’11?
A: While we can’t rule that out, a primary factor driving this sale is the family succession issue, with CEO Fred Wilpon in his 80s and the next generation at odds regarding the future leadership. Time doesn’t stop with this plot twist, hence neither does this dilemma.
Q: Can you be more specific about the “family succession issue”?
Mets COO Jeff Wilpon would be the natural successor to his father, but the greater Wilpon/Katz family, including team president Saul Katz (Fred’s brother-in-law and Jeff’s uncle) and his children, is not on board with such a plan and would prefer to sell.
Q: Who wins if the Wilpons are indeed back to square one on this sale?
Three simple words: Brodie Van Wagenen. The Mets’ general manager, who landed this job thanks primarily to his relationship with Jeff Wilpon, would receive a stay of execution. Also the Yankees, who have seen their primary rivals (the Red Sox, Astros and Mets) endure absolutely miserable winters while they added Gerrit Cole.
Q. Who loses?
A: Betts, who surely hoped to have Cohen’s Mets as a major suitor for his free agency next offseason. And Major League Baseball as a whole. This winter — with Stephen Strasburg, Cole and Anthony Rendon signing megadeals in consecutive days at the winter meetings — displayed the immense goodwill (and ticket sales) created by teams when they spend heartily. Cohen, his questionable activities in the finance world notwithstanding, and his willingness to go deep into his net worth would have injected the Mets’ tremendous fan base with a surge of energy.
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