Steve Cohen Closes on Mets Sale as Team Announces Front Office Departures

Scott Soshnick
·2 min read

Steve Cohen, now officially the majority owner of the New York Mets, wasted no time in restructuring the organization to his liking.

The hedge fund titan closed on his $2.42 billion purchase of the Major League Baseball team on Friday, assuming control from the Katz and Wilpon families.

“I want to thank everybody who helped make this happen,” Cohen said in a statement. “The 2021 season is right around the corner and we’ve got a lot of work to do, so I’m excited to get started. Let’s go Mets.”

Within hours, it was announced by recently-hired Mets team president Sandy Alderson that General Manager Brodie Van Wagenen and most of the front office won’t be returning for the 2021 season.

Special Assistant to the general manager Omar Minaya, assistant general managers Allard Baird and Adam Guttridge and executive director of player development Jared Banner will also be leaving the organization.

“I want to thank Brodie, Allard, Adam and Jared for their contributions over the last two years,” Alderson said in a statement. “I especially want to thank Omar for his long and distinguished service to the Mets in many important capacities.”

Cohen, a Long Island native who grew up rooting for the Mets, holds a 95% stake in the club. The sellers retained a 5% piece of the team that they assumed control of in 2002 for $391 million.

At $2.42 billion, it’s the most ever paid for an MLB team, topping what a group led by Guggenheim executives spent on the World Series champion Los Angeles Dodgers in 2012.

Cohen has already demonstrated that things will be different for the Mets, at least from an ownership perspective.

After the proposed transaction was approved by MLB’s owners and the city of New York, Cohen via Twitter asked fans how he could improve their baseball experience.

In one response, Cohen said he would place an increased importance on honoring the team’s history.

With a net worth of about $14 billion, Cohen has the resources to not only absorb annual losses, exacerbated by the pandemic, but to catapult the Mets into the company of baseball’s highest-spending clubs.

Cohen previously held an 8% stake in the team, which has reached the postseason two times since 2007. The Mets last won the World Series in 1986.

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