MLB Owners Are Eyeing Mets’ Steve Cohen—Make No Mistake

On Tuesday, MLB commissioner Rob Manfred was discussing matters while a number of Major League Baseball owners were vocal about their concerns, particularly focusing on Mets’ billionaire owner Steve Cohen, whose spending has been unprecedented.

Manfred and the league’s owners are facing an unexpected outcome: MLB had desired a wealthy, committed owner to save the Mets from the financial pitfalls left by the Wilpons, who were undone by Bernie Madoff’s schemes. Now, they may have inadvertently created a financial behemoth.

Cohen purchased the New York Mets for over $2.4 billion before the 2021 season and has since been aggressive in acquiring top talent. The Mets’ projected luxury-tax payroll for 2023 is a staggering $375.3 million, surpassing Cohen’s own MLB record of $299.8 million.

Manfred defended Cohen’s spending, noting it adhered to league rules and energized the Mets’ fan base, but he acknowledged that such high spending exacerbates the long-standing issue of revenue disparity in baseball.

Manfred praised Cohen’s desire to win but also pointed out that the spending discrepancy underscores competitive balance issues. Meanwhile, Angels owner Arte Moreno voiced a similar sentiment, suggesting a desire for a more equitable approach to spending, likening the situation to a card game where uneven contributions spoil the fun.

The MLB’s recent formation of an Economic Reform Committee was intended to address these disparities, though Manfred claimed it was established before Cohen’s serious offseason expenditures.

While Moreno supports a punitive luxury tax, Manfred’s remarks about the potential for a salary cap may unsettle players, though a cap seems unlikely during Manfred’s tenure. A luxury tax increase or similar measure appears inevitable, driven by the owners’ push for a solution to the Cohen conundrum.