The race to buy the Mets has been reduced to three … or four … or maybe just one.
The Post confirmed reports that at least three groups are advancing to a second round of offers for the Mets, and that rumors persist that a mysterious fourth bidder was actively involved in the process. What is also clear is that hedge fund billionaire Steve Cohen remains the top contender in the process due to his deeper pockets and an even deeper understanding of the franchise’s pitiful financial picture – advantages that could weaken interest. in a bidding war for the team.
In addition to Cohen, Sportico reports that groups led by private equity titans Josh Harris and David Blitzer, and a growing group led by Alex Rodríguez and Jennifer López will continue to compete to buy the Wilpon family Mets. The Post also confirmed that all three deals are in the $ 2 billion neighborhood, and Cohen bid exactly that number.
Whispers from a mysterious fourth buyer persist, but experts tell The Post that the notion of a person or group with the ability to raise $ 2 billion or more that is unknown at the moment seems far-fetched.
“Perhaps there is another mystery bidder,” a source involved in the process told The Post. “But this is more likely just an attempt to keep Steve Cohen on the alert.”
Keeping 64-year-old Cohen vigilant is something the Mets and other bidders might find easier said than done because Cohen is willing to pay cash, while other groups may borrow part or all of the $ 400 million from MLB to buy the equipment. .
That said, Harris is worth $ 5 billion and Blitzer is $ 1.5 billion, while Vincent Viola, who has joined the J-Rod offering, is worth about $ 5 billion, so that there is liquidity to start a hypothetical bidding war with Cohen if those players decide to be competitive.
However, what might prevent that war from happening is the fact that Round 2 includes the Wilpons, who offer bidders a deeper look into the team’s finances before they prepare a possibly higher bid.
Cohen took a deep look at those numbers before his $ 2.6 billion offer exploded in February, and experts say what he saw gives him the team’s sharpest appraisal.
“Cohen was not happy with his finances in February,” a sports banker told The Post. “He knows that the offers won’t be much higher when the other guys take a look.” … And remember, I was not happy with your pre-COVID numbers. “
Mark Cuban, owner of the NBA Dallas Mavericks and who made unsuccessful offers for the Chicago Cubs and the Texas Rangers, told The Post that A-Rod approached him to join his bidding group, but he passed and declined to provide further details.
The other rumor circulating about the sales process is that the Wilpons will need a backup bidder in case Cohen isn’t approved by the MLB property. Multiple sources tell The Post that the only downside Cohen would face has nothing to do with his 2016 SEC deal and everything to do with other homeowners concerned that a new owner with $ 13 billion may complicate the next league collective bargaining agreement.
“They probably would have to get some assurances that he would play fair with wages,” said a baseball source. A person familiar with the approval process described Cohen’s chances as “It’s not a slam dunk, but I think it would be approved.”
As The Post reported, the Wilpons are not accepting offers on their income-generating SNY cable network, but only on the team that loses money and is burdened with debt. Rumors have circulated that Cohen had bid $ 2 billion on SNY, but sources close to the billionaire merchant declined to endorse those claims.
In addition, sources familiar with the network’s finances set the value of SNY at well below $ 2 billion thanks to some own debt problems.
.
