Multi-billionaire hedge fund manager and current Mets minority owner Steve Cohen is expected to be approved as the new majority owner of the team by Major League Baseball owners on Friday. Newsday’s Tim Healey reports that Cohen has the votes necessary to be approved, despite some previous worries that Cohen’s purchase of the team worried other owners around the league due to his $14.6 billion net worth (according to Forbes), giving him the freedom to outspend many other owners if he so chooses.
Once Cohen is approved, the team faces numerous questions and the new owner will have a chance to reshape the club’s identity. He’s already announced his intention to hire Sandy Alderson as team president once approved, and he could also hire a new general manager, manager, and/or coaching staff. And since the team already has a rather deep core, highlighted by Jeff McNeil, Pete Alonso, Michael Conforto, Jacob deGrom, and Noah Syndergaard (if healthy), it’s possible that Cohen’s willingness to spend in free agency could restore the Mets to serious contention as soon as next year.
In the meantime, Cohen faces another minor obstacle (or annoyance), as New York City mayor Bill de Blasio says the city is still doing its “due diligence” on the purchase, a process that may be lengthened by the fact that Cohen’s hedge fund group, S.A.C. Capital Advisors, paid $1.8 billion in fines due to insider trading back in 2013.