Posted on 12/05/2019 3:23:24 AM PST by C19fan
The New York Mets have agreed to be sold to hedge fund billionaire Steve Cohen, in a deal that will take five years to complete, the team announced Wednesday evening. During that time the current owner, Fred Wilpon, 83, will continue to serve as the team's chairman. He bought half the team along with Nelson Doubleday in 1980, and the other half in 2002. Wilpon's son, Jeff Wilpon, who is the team's chief operating officer, will remain in that job for five years. The Mets have struggled to compete against the more popular New York Yankees, and it shows in the team's financial fortunes as well as their middling success on the field. The team's fans have often focused their anger and disappointment on the Wilpons for their decisions on whether or not to sign players.
(Excerpt) Read more at msn.com ...
Sort of sad in this era of Late Stage Capitalism, people have made huge coin from making bets at the casino of Wall Street and not from doing something that you know actually helped society. People like Cohen made their money at the expense of people or institutions who made the wrong bet. At least the Robber Barons of the Gilded Age improved people’s lives.
Are you suggesting Cohen or any other hedge fund owners/traders are responsible for the hard times of the companies they bet against by short selling?
Fans mostly despise the current owner, Fred Wilpon. The Mets are 19th in the league in terms of spending, so they’ve been getting by on the cheap for years. This doesn’t work when they share a city with the Yankees. The new owner, Steve Cohen is a NY’er and life-long Mets fan, who by all accounts will spend big for upgrades. Also, as I understand things, the 5-year ownership transfer ($500 million a year x 5 years for $2.5 billion) doesn’t mean things won’t change until the last payment is completed. Changes will begin prior to 2021.
Folks, I cringe, like most here, when I hear anti-capitalist comments. I believe if you can make money then good for you. BUT, there is a certain segment of the Hedge fund world that is nasty and real low-lifes. This Cohen guy is one of them.
Having a life-long fan own a professional sports team is a recipe for disaster. The NHL has had two such cases in recent years — in Edmonton and New Jersey — and both of those teams were run into the ground.
I worked on Wall Street in my previous career and dealt with traders who had Cohen’s firm as a client. I can’t tell you how much of a dirtbag Cohen’s company was. Some of the biggest cheaters on Wall Street and they mostly got away with it because they were so huge and no one dared call them out on it. Until the SEC did but they just paid a large fine and Steve Cohen was a multi billionaire by then. This is not good for the Mets.
Time will tell, but as mentioned above much of the Wilpon’s money is tied up in the Madoff mess, making them a mid-level spending organization. The Yankees own this town. Either way baseball is a much needed Spring, Summer, Fall distraction for me.
Does he know he will be giving free tickets to inmates on rikers island and their families
As a long-suffering Mets fan I now believe there is a Santa Claus.
Ah the Mets the Nets and the Jets.....they have a common denominator....
Great news...
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