May
12
2011

Steve Cohen Still In It, Wants Significant Say In Running Team

An article by Hojo's Mojo

Kate Kelly of CNBC reported that billionaire hedge fund manager, Steve Cohen, is still very much involved in purchasing a 49% stake of the New York Mets and has some specific demands.

Steve Cohen has offered to buy a 49 percent stake for about $200 million dollars, which is the cash that the Wilpons and Katz were hoping to raise. But, he does want some board seats in the Mets organization and he wants some significant say over how they do what they do. However, voting control within MLB would remain with the Wilpons, which is something that they have been insistent upon all along, as well as not wanting to sell a majority stake, which gives you sort of the 49 percent number. So, I’m told that talks are at a little bit of a stalemate right now. Cohen is demanding sort of stiffer terms than the organization was originally prepared to offer, but they are not dead. They are still happening and the goal is to get this thing done ASAP.”

It’s really starting to look like this is going to happen.

About the Author: Rob Johnson

7 Comments + Add Comment

Donal May 12, 2011 at 4:13 pm

Ahem. You’re welcome.
- Donal May 12, 2011 at 4:25 pm
  
  And I said in the chatroom yesterday that the story in the Post was wrong. It read like a Hollywood gossip coloumn and couldn’t even get the timeline straight.
francis May 12, 2011 at 10:40 pm

200 million for 49% is a real lowball offer. it makes me question the accuracy of the reporting. perhaps it’s 200MM cash and assumption of debt ?
- t agee May 12, 2011 at 11:09 pm
  
  I’m sure that’s the reason it’s so low. There must be about 450-500 M in debt on the team. The Wilpon must be desperate to be considering this offer.
- Donal May 12, 2011 at 11:18 pm
  
  Ya, a few of us speculated about that in the shoutbox. I think Francesa reported a few weeks ago that was indeed part of the deal.
Annie Savoy May 13, 2011 at 7:42 am

The Wilpons would take his money, but not his advice? Walk away Steve.
- METS62FAN May 13, 2011 at 10:58 am
  
  My most fervent wish, and I believe I speak for most of us, is for the new partner to really put the squeeze on present owners, perhaps by waiting until all others lose interest & he’s the last option standing while Wilpon creditors are banging on the doors, while he;s poised with pen on check; saying; “BTW, this $200M also includes managing partner status, right?” setting of the hook in the big one!
  
  DARE TO DREAM!

NL East Standings

Team	W	L	Pct.	GB
Braves	42	30	.583	-
Phillies	35	37	.486	7.0
Nationals	34	36	.486	7.0
Mets	27	40	.403	12.5
Marlins	22	48	.314	19.0

Last updated: 06/19/2013

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