Ryan Glasspiegel
Videos by OutKick
Bidding to be the new owner of the Mets is ongoing. We’ve talked about how great the content would be if A-Rod and J. Lo were the victors. However, if they’re going to compete with billionaire hedge funder Steve Cohen, they are going to have to dig REALLY deep with their partners. According to Charlas Gasparino of Fox Business, Cohen is willing to pay $2 billion for the Mets AND $2 billion for SNY:
BREAKING: After weeks of negotiations, hedge fund billionaire Steve Cohen has told Wilpons he would pay $2 billion for @Mets & would pay $2 billion for @SNYtv. Other bids for the team so far are lower meaning he is (as reported by @FoxBusiness) the lead bid. Timing unclear
— Charles Gasparino (@CGasparino) July 10, 2020
Remember the reports that the Wilpons might have to sell the Mets at fire sale prices? Yeah, not so much.
Gasparino later clarified on the SNY part:
Some additional info on @Mets bidding derby (thread) 1-Steve Cohen's interest in the team is well defined, but there is no auction just yet on @SNYtv. When there is, his eyeball $2 billion valuation should drop dramatically. Network makes money, but has tons of debt, which will
— Charles Gasparino (@CGasparino) July 10, 2020
money the Mets are losing, in an effort, to push down competing bids, I am told. Leaks from Mets side that Jeff Wilpon prefers to sell to @AROD to push bids higher. More as I get it.
— Charles Gasparino (@CGasparino) July 10, 2020
Mets fans should be careful about celebrating too early with Cohen. He has a lengthy history with the team — he owns an 8 percent minority stake and his previous plans to buy the team fell through at the eleventh hour after some Wilpon shenanigans.
Nonetheless, it sure seems based on everything out there that Cohen is back as the favorite to buy the franchise. It’ll be very interesting to see how much the sale price is, if SNY is included, and if that crazy five-year transition period from the Wilpons to new ownership exists like the last time Cohen sought to buy the team.
Years ago Steve Balmer (one of the Microsoft founders) bought the LA Clippers from the disgraced sterling family for roughly twice the estimated value. It was a toy to him.
But the day that deal closed, many NBA owners became multi-billionares when their franchises were suddenly worth ‘artificially’ more than the day before the Clippers were sold. Michael Jordan Was included in that ‘rise’ in wealth. The Charlotte Bobcats are essentially worthless, but valued at $1-2billion?
It was and is fictional Monopoly money. Now we have a mega shutdown of sports and all the ‘economies’ attached to sports and someone wants to buy the Mets?
And their TV network?
Maybe each major sportS league should select a minority group Like Bionce and JZ, and sell their worst lowest value team to that group in each league? Wouldn’t that be racist? Same if the team is OVERvalued!
We’re coming up on 8 months of a pro and college sports void. An entire section of the entertainment biz is frozen and maybe damaged permanently, and there is a Suggestion that buying a sports franchises will be a GOOD investment?
Maybe Dan Snyder is smart like a fox. He may get forced to sell the R E D S K I N S for a mere $3 billion + when he paid $800 million 20 years ago. And made perhaps $1billion + in revenues.
He destroyed a franchise. Deleted the name. And keeps his Mega Yacht + (when you can afford a 100 foot yacht, you are rich In $$ – forever) but poor in character.