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Wednesday, July 15, 2020

Mets: Steve Cohen is worth too much money?

I just read this article from yesterday. It talks about how the Wilpons have whittled this down to three possible new buyers, a fourth mystery buyer, and the fact that there is a need for a backup bidder in case MLB Owners reject Cohen. Oh, there's speculation that the owners will reject him not because of the SEC settlement but because he is too wealthy with the CBA coming up.

From the NY POST 

The other rumor circulating around the sales process is that the Wilpons will need a backup bidder should Cohen fail to get approved by MLB ownership. Multiple sources tell The Post that the only hiccup Cohen would face has nothing to do with his 2016 SEC settlement and everything to do with other owners being concerned that a new owner with $13 billion might complicate the league’s upcoming collective bargaining agreement.

“They probably would need to get some assurances that he would play fair on salaries,” said one baseball insider. A person familiar with the approval process described Cohen’s chances as “Not a slam dunk, but I do think he’d be approved.”

As The Post has reported, the Wilpons are not taking bids on their revenue-producing cable network SNY, but only on the money-losing, debt-saddled team. Rumors have circulated that Cohen had bid $2 billion for SNY, but sources close to the billionaire trader refused to back those claims.

Additionally, sources familiar with the network’s finances peg the value of SNY at well below $2 billion thanks to some debt problems of its own.

Read more here

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