June 17, 2021

Inside the Steve Cohen, Wilpons control struggle (New York Post)

Steve Cohen thought his $2.6 billion deal to buy the Mets in installments over five years would give him some control that would grow over that time to help make team decisions during the transition. The Mets owners disagreed and a deal, for now, is off, sources said.

This could be the latest in a string of deals in which the Wilpon family bought and sold Mets stakes that have ended in contentious fashion.

The implosion in talks was sparked by disagreement over the opaque five-year window in which Cohen was set to take gradual control of the team from the controlling Wilpon family.

According to people familiar with the negotiations, the Wilpons recently made it clear to Cohen that while he would be paying hundreds of millions of dollars every year, they would in fact retain control over all decision-making regarding the franchise until the end of the five years.

That was met with displeasure from Cohen, a trader so famous for his yearn to control his operations that he was known to keep the trading floor at his previous hedge fund set at exactly 69 degrees.

steve cohen wilpon mets deal control
Jeff Wilpon, Steve CohenPaul J. Bereswill; Bloomberg

From the beginning, the structure of waiting five years to turn…

Read “Inside the Steve Cohen, Wilpons control struggle” at New York Post