New boss restores staff salaries, donates to NYC’s small biz
Steve Cohen wasted no time taking care of his off-field obligations.
Moments after the hedge-fund 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.
Under a category he titled, “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 non-profits and causes in communities surrounding Citi Field.”
The Mets Foundation, founded in 1963, funds and promotes a variety of educational, social, and athletic programs and other charitable causes. The Foundation, under outgoing owners Fred and Jeff Wilpon, worked to donate $1 million to COVID-19 relief funds this past summer.
Cohen also pledged to take 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 cut that was implemented in March. Cohen projected the value of this commitment to be over $7 million.
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 the stadium as employees 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.
Cohen, worth an estimated $14 billion, became baseball’s richest owner Friday in a historic day for the Mets franchise. 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,” Cohen said, in a separate statement.