September 26, 2021

The Wilpons are negotiating to sell the Mets to Steve Cohen. What does it mean for the franchise? (The Athletic)

NEW YORK — Fred and Jeff Wilpon, whose tight-fisted and ham-handed stewardship of the Mets has earned the scorn of much of the fanbase, have started negotiations that will eventually allow billionaire hedge fund manager Steve Cohen to hold a controlling stake in the franchise. Under the proposed agreement, the Wilpons would remain in control for five more years before Cohen would take over. In a statement on Wednesday, the Mets confirmed the discussions.

Though the plan presents an exit strategy for the Wilpons, the immediate impact on payroll and the franchise’s direction remains unclear. It wouldn’t be unprecedented for a transfer of power to take place sooner. In 2004, when Stuart Sternberg bought a significant interest in the Rays from Vince Naimoli, it was expected that control would be transferred in two and a half years. But Naimoli stepped down from day-to-day operations after a year and a half.

Once Cohen takes control, it’s unknown how much of a…

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