New owner Cohen pledges $17.5M to NYC small business
He also reinstates pre-pandemic salaries to team employees
Steve Cohen wasted no time taking care of his off-field obligations.
Momentsafterthehedgefund billionaire’s purchase of the Mets was approved by Major League Baseball’s owners to join their fraternity, Cohen released his initial objectives as owner of the storied Queens franchise.
Underacategoryhetitled, “Charitable Giving,” Cohen promised to donate $17.5 million to small businesses in New York City to assist them throughout the ongoing coronavirus pandemic. He also plans to “dramatically increase the giving of the Mets Foundation in the coming years, with priority given to nonprofits and causes in communities surrounding Citi Field.”
The Mets Foundation, founded in 1963, funds and promotesavarietyofeducational, social and athletic programsandothercharitable causes. TheFoundation, underoutgoingownersFred and Jeff Wilpon, worked to donate$1milliontoCOVID19 relief funds this past summer.
Cohenalsopledgedtotake care of “all Mets employees,” including unionized groundskeepers, security guards and engineers. The new principal owner said employees will receive reinstituted pre-pandemic salaries as of Nov. 1. The act will reverse the 5%-30% salary cutthatwasimplementedin March.Cohenprojectedthe value of this commitmentto beover$7million.
The 64-year-old also promised to establish a new seasonal employee relief fund. Who’s covered under that fund? Approximately 1,000 employees who work at thestadiumasemployees of subcontractors would be eligible to receive $500 per month from Nov. 1 until Opening Day, according to his statement.
Cohen projected the value of that commitment to be roughly $2.5 million.
New York Mayor Bill de Blasio signed off on the transaction immediately after MLB owners casted their “yes” votes. In a statement, MLB said the approvaliscontingentupon the closing of the sale transaction with the Wilpons, which is expected within the next 10 days.
“The NewYorkCity Law Department has completed its legal review of the proposed sale of the @ Mets,” de Blasio announced on Twitter. “New York City has no objections and the Metscannowproceedwith the transaction. #LGM”
The city had to approve the transfer of the stadium lease from the Wilpons to the newowner.
Cohen, worth an estimated $14 billion, became baseball’s richestowner. His next focus will be the Mets’ on-field talent for the 2021 season.
“With free agency starting Sunday night we will be working towards a quick close,” Cohensaid, inaseparate statement.
TheMetsstartedreworking their roster Friday even before the arrival of their new owner, claiming Nick Tropeano off waivers from the Pittsburgh Pirates and Jacob Barnes off waivers fromtheLosAngelesAngels inmovesthataddedapairof 30-year-old righthanders.
Tropeano was 1-0 with a 1.15 ERAinsevengamesand 15 ⅔ innings this year, striking out 19 and walking four. He is 13-14 with a 4.29 ERA ERA in six seasons with Houston, Pittsburgh and the Angels. A Long Island native, he went to West Islip HighSchoolandStony Brook.
Barnes was 0-2 with a 5.50 ERA in 18 games and 18 innings this year, striking out 24 and walking four. He is 4-13 with a 4.36 ERA for Milwaukee, Kansas City and the Angels, striking out 209in 200innings.