Cohen expected to get MLB OK in Friday vote
Major League Baseball owners will vote on the sale of the Mets on Friday, three industry sources told The Post. The transfer from the Wilpons to Steve Cohen is expected to pass.
The hedge-fund titan Cohen, who has agreed to purchase the Mets for $2.4 billion, needs 22 of 29 votes in order to gain approval. The Ownership Committee, which conducted a deep dive into Cohen, signed off easily on this matter last week, and the Executive Committee will green-light it as a formality on Friday, thereby advancing it to the full vote. The full vote will be conducted virtually, as the scheduled November meetings in Dallas probably won’t be held due to the novel coronavirus pandemic.
White Sox owner Jerry Reinsdorf, who contested Cohen’s unsuccessful pursuit of the Dodgers last decade, stands a definite “No” and still is attempting to rally others to his side, sources said; he probably won’t be the only owner who votes against it. However, the sense throughout MLB is that the Cohen opposition will not accrue the eight votes required to torpedo this record-setting deal.
Once the owners support Cohen’s membership into their club, the remaining box to check will be New York City Mayor Bill de Blasio’s thumbs up, by virtue of the Citi Field lease agreement with the city. De Blasio gave no indication in public comments Monday that he would block this transfer from occurring.
While Cohen’s connection to insider trading (S.A.C. Capital Advisors, which he founded, pleaded guilty in 2013 to the crime and paid $1.8 billion in fines) hardly makes him an ideal candidate, the fact Cohen himself was not convicted creates some cushion, and the price he is paying — the most ever for an MLB team — further boosts his case, as owners enjoy seeing their franchise values rise. Cohen’s status as a singular entity, unlike the Alex Rodriguez-Jennifer Lopez conglomerate, also helps.
If Cohen can clear the remaining hurdles, he will install former Mets general manager Sandy Alderson as team president, and Alderson in turn appears likely to jettison current GM Brodie Van Wagenen; current Mets manager Luis Rojas has a better chance of keeping his job due to his past relationship with Alderson. As long as the vote goes as anticipated on Friday and de Blasio doesn’t drag his heels on his approval, Cohen and the Mets will put themselves on an even playing field, time-wise, to build next year’s team. The expected slow unfolding of the free-agent market, thanks to teams losing so much money this year and unsure of what they’ll make next year due to the pandemic, should even give Alderson time to restructure his front office if he so desires and still not lose out on anything significant.