NEW YORK — The Wilpon family’s control of the New York Mets neared its end after 34 years when Major League Baseball owners voted Friday to approve the sale of the team to billionaire hedge fund manager Steve Cohen.
The vote was 26-4, a person familiar with the meeting told The Associated Press, speaking on condition of anonymity because the balloting was not announced. Cohen needed 75% approval.
The transfer from the Wilpon and Katz families values the franchise at between $2.4 billion and $2.45 billion, a record for a baseball team that tops the $2 billion sale of the Los Angeles Dodgers from Frank McCourt to Guggenheim Baseball Management in 2012. The Mets sale is likely to close within 10 days.
Cohen pledged to inject about $9.5 million in additional payments this off-season for pandemic-hit employees.
“I am humbled that MLB’s owners have approved me to be the next owner of the New York Mets,” Cohen said in a statement. “Owning a team is a great privilege and an awesome responsibility.”
An entity controlled by Cohen will own 95% of the franchise, and the Wilpon and Katz families will retain 5% of the team.
Former Mets general manager Sandy Alderson will return as team president.
“My family and I are lifelong Mets fans, so we’re really excited about this,” Cohen said. “With free agency starting Sunday night, we will be working towards a quick close.”
Cohen said all Mets employees, including unionized groundskeepers, security guards and engineers, will receive restored pre-pandemic salaries as of Sunday that reverse 5-30% salary cuts begun in March. He valued the restoration at over $7 million.
A seasonal relief fund will start Sunday and run through opening day for about 1,000 Citi Field employees of subcontractors that makes each eligible for $500 monthly, a commitment of about $2.5 million.
Cohen pledged to “dramatically increase” giving by the Mets Foundation and to prioritize not-for-profits and causes in the Citi Field area. He agreed to donate $17.5 million to programs developed by New York City to make grants to area small businesses through the New York City Economic Development Corporation.
Cohen made his announcement as New York City Mayor Bill de Blasio said the city does not object to the sale. The city had the right to review the proposed transfer of the lease of Citi Field, the Mets’ home since 2009.
The current Mets ownership group is headed by Fred Wilpon, brother-in-law Saul Katz and Wilpon’s son, Jeff, the team’s chief operating officer. Fred Wilpon turns 84 on Nov. 22 and Katz is 81.
“We appreciate Fred’s decades of service to league committees and the governance of the game,” baseball Commissioner Rob Manfred said in a statement. “Steve will bring his lifelong passion for the Mets to the stewardship of his hometown team, and he will be joined by highly respected baseball leadership as well. I believe that Steve will work hard to deliver a team in which Mets fans can take pride.”
The 64-year-old Cohen is CEO and president of Point72 Asset Management. He first bought an 8% limited partnership stake in the Mets in 2012 for $40 million.
“I know that Steve Cohen and his family share the same passion we’ve had for the Mets and for this city,” Fred Wilpon said in a statement. “Steve will continue, and will build upon, this organization’s longstanding commitment to the support of our community, and of those in need, which is especially important at this time. He shares the view that Saul, Jeff and I have long held, that ownership of the Mets is a public trust.”
The publisher Doubleday & Co. bought the Mets on Jan. 24, 1980, from the family of founding owner Joan Payson for $21.1 million, with the company owning 95% of the team and Wilpon controlling 5%.
When Doubleday & Co. was sold to Bertelsmann AG, the publisher sold its shares of the team on Nov. 14, 1986, for $80.75 million to Wilpon and Nelson Doubleday, who became 50-50 owners.
Wilpon and his Sterling Equities partners completed his buyout of Doubleday on Aug. 23, 2002, ending what had become an acrimonious partnership. Under the original appraisal, Doubleday would have received $137.9 million — half the team’s $391 million value after accounting for debt. Wilpon sued, and the sides then settled.
The Mets failed to win any titles under the Wilpons’ time of sole control and their final dozen years were hampered by financial losses from the Bernard Madoff Ponzi scheme.
“It has been a privilege and honour for our families to have been a part of this great franchise for the past 40 years,” Fred Wilpon said. “We would like to express our deep appreciation for our loyal and passionate fans, who have consistently supported this organization through the years. We’d also like to thank the many great players, managers, coaches and dedicated employees with whom we’ve been privileged to work with through the years.”
Cohen controlled SAC Capital Advisors, which in 2013 pleaded guilty to criminal fraud charges. SAC agreed to pay a $900 million fine and forfeit another $900 million to the federal government, though $616 million that SAC companies had already agreed to pay to settle parallel actions by the U.S. Securities and Exchange Commission was to be deducted from the $1.8 billion.
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TORONTO – Reigning PWHL MVP and scoring champ Natalie Spooner will miss the start of the regular season for the Toronto Sceptres, general manager Gina Kingsbury announced Tuesday on the first day of training camp.
The 33-year-old Spooner had knee surgery on her left anterior cruciate ligament (ACL) after she was checked into the boards by Minnesota’s Grace Zumwinkle in Game 3 of their best-of-five semifinal series on May 13.
She had a goal and an assist in three playoff games but did not finish the series. Toronto was up 2-1 in the semifinal at that time and eventually fell 3-2 in the series.
Spooner led the PWHL with 27 points in 24 games. Her 20 goals, including five game-winners, were nine more than the closest skater.
Kingsbury said there is no timeline, as the team wants the Toronto native at 100 per cent, but added that “she is doing really well” in her recovery.
The Sceptres open the PWHL season on Nov. 30 when they host the Boston Fleet.
This report by The Canadian Press was first published Nov. 12, 2024.
LAHORE, Pakistan (AP) — A top official of the Pakistan Cricket Board declined Friday to confirm media reports that India has decided against playing any games in host Pakistan during next year’s Champions Trophy.
“My view is if there’s any problems, they (India) should tell us in writing,” PCB chairman Mohsin Naqvi told reporters in Lahore. “I’ll share that with the media as well as with the government as soon as I get such a letter.”
Indian media reported Friday that the Board of Control for Cricket in India (BCCI) has communicated its concerns to all the Champions Trophy stakeholders, including the PCB, over the Feb. 19-March 9 tournament and would not play in arch-rival Pakistan.
The Times of India said that “Dubai is a strong candidate to host the fixtures involving the Men in Blue” for the 50-over tournament.
Such a solution would see Pakistan having to travel to a neutral venue to play India in a group match, with another potential meeting later in the tournament if both teams advanced from their group. The final is scheduled for March 9 in Pakistan with the specific venue not yet decided.
“Our stance is clear,” Naqvi said. “They need to give us in writing any objections they may have. Until now, no discussion of the hybrid model has happened, nor are we prepared to accept one.”
Political tensions have stopped bilateral cricket between the two nations since 2008 and they have competed in only multi-nation tournaments, including ICC World Cups.
“Cricket should be free of politics,” Naqvi said. “Any sport should not be entangled with politics. Our preparations for the Champions Trophy will continue unabated, and this will be a successful event.”
The PCB has already spent millions of dollars on the upgrade of stadiums in Karachi, Lahore and Rawalpindi which are due to host 15 Champions Trophy games. Naqvi hoped all the three stadiums will be ready over the next two months.
“Almost every country wants the Champions Trophy to be played here (in Pakistan),” Naqvi said. “I don’t think anyone should make this a political matter, and I don’t expect they will. I expect the tournament will be held at the home of the official hosts.”
Eight countries – Pakistan, India, Bangladesh, England, Australia, South Africa, New Zealand and Afghanistan – are due to compete in the tournament, the schedule of which is yet to be announced by the International Cricket Council.
“Normally the ICC announces the schedule of any major tournament 100 days before the event, and I hope they will announce it very soon,” Naqvi said.
RIYADH, Saudi Arabia – Ottawa‘s Gabriela Dabrowski and Erin Routliffe of New Zealand are through to the doubles final at the WTA Finals after a 7-6 (7), 6-1 victory over Nicole Melichar-Martinez of the United States and Australia’s Ellen Perez in semifinal action Friday.
Dabrowski and Routliffe won a hard-fought first set against serve when Routliffe’s quick reaction at the net to defend a Perez shot gave the duo set point, causing Perez to throw down her racket in frustration.
The second seeds then cruised through the second set, winning match point on serve when Melichar-Martinez couldn’t handle Routliffe’s shot.
The showdown was a rematch of last year’s semifinal, which Melichar-Martinez and Perez won in a super tiebreak.
Dabrowski and Routliffe will face the winner of a match between Katerina Siniakova and Taylor Townsend, and Hao-Ching Chan and Veronika Kudermetova in the final on Saturday.
Dabrowski is aiming to become the first Canadian to win a WTA Finals title.
This report by The Canadian Press was first published Nov. 8, 2024.
