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Steve Cohen’s Amazin’, Maddening, Money-Losing Bid to Own New York

by TSB Report
March 26, 2023
in Entertainment
Reading Time: 2 mins read
Steve Cohen’s Amazin’, Maddening, Money-Losing Bid to Own New York
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Told of the remark, Cohen smiled.

“It’s funny,” he said, “how the world turns.”

Uncle Steve and Tía Alex

Of all the Mets’ throwback indignities — late-season collapses, less-than-amazin’ talent, little-sibling status in its city — the Bobby Bonilla contract stands apart.

Every July 1, Bonilla, 60, who last played in 2001, collects a seven-figure check. Rather than pay out the remaining $5.9 million on Bonilla’s contract, the Mets agreed to send him nearly $1.2 million annually from 2011 through 2035, the sort of maneuver that became synonymous with the franchise’s mismanagement and small-time wheeler dealing.

Cohen sees it differently — or, at least, sees himself differently. Since taking over, he has invited Bonilla to return for a ceremonial check handoff, a would-be visual both organizationally self-effacing and personally swaggering in its message: These Mets are good for the money.

In ways large and small, Cohen’s functionally unlimited resources have rewired more than a half-century of Mets self-perception, even if last year, like so many before, ended in disappointment: a quick playoff exit after a 101-win season. (Some fans also cite a devastating preseason injury this month to the standout closer Edwin Díaz, who crumpled during a postgame celebration at the World Baseball Classic, as evidence that the team’s hard-luck fate persists.)

The most conspicuous shift has been in free-agent dollars. The team’s projected 2023 payroll is around $370 million, by far the highest ever in the sport. That is before an expected luxury tax bill of roughly $100 million, another record. The Yankees, the next closest team in total player outlay for 2023, are some $160 million behind.

Max Scherzer, the three-time Cy Young Award winner in his second season with the team, said he did not initially expect New York to be his destination. Then he spoke to Cohen.

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