After three days of swirling rumors and not-so-quiet whispers surrounding a retail of the Mets franchise, two pieces of critical information arrived late Thursday evening. One, Mets ownership is continuing in its plans to sell the team. And two, Steve Cohen is no longer the prospective buyer.
Sterling Partners, the Mets ownership group made up of the Wilpon and Katz family, said a “highly complicated” transaction with the hedge-fund billionaire was no longer possible.
“The transaction between Sterling and Steve Cohen was a highly complicated one. Despite the efforts of the parties over the past several months, it became apparent that the transaction as contemplated would have been too difficult to execute,” the ownership group said in a statement.
“Sterling intends now to pursue a new transaction and has engaged Allen & Company to manage that process.”
The Wilpons have hired the investment bank in an effort to make the next process smoother than the last, which never actually came to fruition.
Cohen, who has been a minority owner of the team since 2012, publicly commented on his reported bid to purchase 80% of the Mets franchise.
“I gave it my best shot,” he said in a statement to the New York Times on Thursday.
Cohen added he was “very disappointed” a deal could not be worked out.
“But as an 8% holder I’m looking forward to a higher bid for the team,” Cohen said. “I want to thank the fans for their support and the respect they showed me and I want to thank Commissioner Manfred and MLB for their support through the process.”
MLB commissioner Rob Manfred confirmed Thursday that the team’s transaction with Cohen would not be completed. Manfred also defended the Wilpons, saying it is unreasonable to place blame on Mets ownership for the abandonment of the sale, despite multiple reports indicating otherwise.
The Daily News reported Wednesday that the Wilpons changed the terms of the deal late in the process, which included extensions on their control of the team and its cable network, SNY.
Two months ago, the Mets publicly announced Cohen would “increase his investment” in the franchise. Under those terms, CEO Fred Wilpon, 83, and his son, COO Jeff, would remain in their respective roles until after the 2024 season.
It was wise of the Wilpons to put out a statement and settle the rumors swarming around Cohen and his abandoned bid for the purchase of the franchise. With pitchers and catchers set to report to spring training in a few days, the players hardly needed another distraction hovering over them in Port St. Lucie.
If ownership can hold off on prematurely announcing a new majority owner before the I’s are dotted and the T’s are crossed, it could save the fan base from suffering another emotional rollercoaster. That may prove to be a big ask for an ownership group devoted to making headlines.
