June 16, 2021

How SNY, Van Wagenen are affected (New York Post)

The Mets are in the process of being sold by the Wilpons to hedge-fund billionaire Steve Cohen. Beyond the seismic significance of that development, there are a number of smaller but pivotal questions. Here are a few — plus the answers:

Q: So what’s going to happen to SNY? Will Cohen own that as well?

A: He will not. The network is not part of the purchase, so the Wilpons will retain control of SNY. That’s surprising, because it’s a huge revenue generator Cohen won’t have as part of his takeover.

Q: Will the Wilpons really be running the Mets until 2025?

Yes and no. In terms of technically remaining owners, the Wilpons will still run the organization, perhaps even for the five years stated in the press release. But Cohen must now approve, at minimum, all major allocations and, more importantly, can control the budget and decide to spend considerably more on payroll.

Q: By the way, where is Saul Katz in all of this? Why doesn’t he just take over ownership from the Wilpons?

A: It wasn’t going to happen. Katz and his family had no interest in owning the team and wanted out of the business.

Q: Cohen seems to have some questionable business history. Does MLB…

Read “How SNY, Van Wagenen are affected” at New York Post