The Wilpons may (almost) no longer own the Mets, but they do still own SNY.
Back in September, it was announced that after the sale of the Mets was finalized, Cohen would have 30 days to make an exclusive bid for the network. SNY is worth about $1 billion — which we know Cohen has, remember when he placed $2 billion on the Mets and an additional $2 billion for SNY back in July during his first round of bidding.
An important issue though? SNY is valued at about $1 billion, but approximately $850 million of that is debt.
According to Joe Pantorno of amNewYork, a source that is close with Cohen said they are not sure he would immediately want to start negotiating for SNY. Why? There are other organizational issues that he would like to attend to first, leaving the network potentially on the backburner for now. Other sources shared with amNewYork that they agree that SNY will not be sold in the near future.
The Wilpons could also be an issue (shocker, I know). Are they really ready to give up the network yet? Their rights to the network do not expire until 2026, meaning that there is still plenty of time to wait it out and potentially get a better deal for the network.
I agree with Cohen, that there are a lot of things that need to be changed first before he focuses on SNY. Instead, what should his first move as owner be? Here are some thoughts.
