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A new era has started for the New York Mets. For the first time since January 1980, the Wilpons will no longer be involved with the team after it was sold for $2.4 billion to billionaire hedge fund manager Steve Cohen, a record amount for a US sports team.
As if to signal that the Mets are indeed under new management, the 64-year old Cohen’s first move as owner is to help the team’s workers and other small businesses in New York recover their losses due to the COVID-19 pandemic.
MLB.com's Anthony DiComo reports that in a statement announcing his acquisition of the team, Cohen will donate $17.5 million to NYC small businesses, and increase the giving of the Mets Foundation in the coming years while reinstituting all pre-pandemic salaries for Mets workers.
Regarding the salaries of Mets workers, New York Post’s Joel Sherman reports that it includes unionized groundskeepers, security guards and engineers, with Cohen’s commitment amounting to more than $7 million and will reverse the 5-30% salary cut implemented in March, back when Fred Wilpon ran the team.
Wilpon, the 83-year old a real estate developer, has been the team’s principal owner since 2002, and has been frequently criticized for his reluctance to spend big on the Mets even if it was based in New York, the largest market in the country. The Wilpon family and their finances became involved in the Bernie Madoff ponzi scheme, which reportedly required a $25 million loan from the league back in 2011 to help cover costs in running the team.
But in their first move as new owners of the Mets, Steve Cohen made it clear that he does not have the same reluctance and is willing to open his pockets to help team employees, signalling that the franchise has indeed turned over a new leaf.
