When New York-based hedge fund billionaire Steve Cohen acquired a majority ownership stake in the Mets in 2020, fans believed that a real winner would be coming to their organization.
However, things have not gone as planned. Despite his team having the largest payroll in the MLB, at at estimated $350 million, the Mets are underperforming.
As they came into the trade deadline with a record of 50-55, the team knew it was time for a big shuffle. They dealt defending Cy Young pitcher Justin Verlander to the Houston Astros, just days after shipping Max Scherzer to the Texas Rangers. Within the last two years, the Mets had signed each to the largest contracts ever, totalling $215 million over five years.
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In response to the move, Mike Francesca, a popular New York radio host, ripped into Steve Cohen. Referencing the owner’s cut-throat career in business, Francesca noted how humiliating the forced sell-off of some of his team’s top assets must have been, saying:
“This has become a colossal embarrassment for Cohen…They’ve become a laughing stock” – Mike Francesca
A native of long island, Cohen was a Mets fan from a young age. He would later go on to found SAC Capital, a hedge fund with billions under management. In 2016, SAC was at the center of an SEC investigation into insider trading, although Cohen himself was never charged. Many associate
Initially, things looked positive. Under Steve Cohen’s administration, the team hired former Los Angeles Angels GM Billy Eppler in 2021. Regarded as the architect of Japanese superstar Shohei Ohtani’s move to North America, Eppler was regarded as one of the games best executives.
“Steve Cohen’s thoughts on the Mets farm system from just a month ago… #LGM” – The Shea and Son’s Podcast
In 2022, the New York Mets posted their first 100 win season since 1988, but failed to make it beyond the first round of the postseason. Now, it appears as though it may be another long drought before anything special is brought to the fans in Queens.
Steve Cohen’s approach has clearly failed
It is very possible that the Scherzer/Verlander debachle will go down as one of the worst in MLB history. Now 18.5 games behind the Atlanta Braves in the NL East, things appear to be all but lost. Perhaps going forward, Steve Cohen can explore other options, besides throwing copious amounts of money first, and asking questions afterwards.