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Hedging The Mets


wanders it's been a big week for New York baseball first. You have the Yankee Signing Garrett Cole to the biggest contract ever for a major league pitcher and across town a a huge shakeup for the mets some of the best news that I've ever heard as a fan of the New York mets and that is that we are doing to be getting a new ownership group in the next five. The the guy who's coming into by the mets Steve Cohen is being hailed as a savior for a franchise whose fans have long been fed up with ownership to end. Jeff Wilpon the nickname or Fred. Jeff coupon have been aided owners by the New York mets for years on today the athletics in joins us to discuss. Just that's how bad it's been for mets fans and if Cohen's arrival could finally help the team compete with the boys in the Bronx her from wondering on the athletic. I'm beat the Davidson and I'm under SCELZO. It's Thursday December twelfth and this is the lead it felt like something great. 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The businesses on trust pilot head upstart dot com slash lead to find out. How low your upstart rate is checking? Your rate only takes a few minutes in one affect your credit. That's that's absurd dot com slash lead upstart dot com slash lead. Well Tim thank you so much for joining us. How are things in Queens right now? Things are starting to heat up a little bit In terms of the hot stove some of the baseball season and for the mets in particular. So it's it's moving a little bit quicker than than some off seasons recently. We got some pretty big news and mets land Last week. Tell us what happened. Yes so on Wednesday. My colleague at the athletic. Ken Rosenthal reported that Sterling Equities the group that owns the maps. That's and his. You know basically synonymous with Fred and Jeff Wilpon were negotiating to sell a larger stake in the team. One of their minority investors Steve Cohen a a hedge fund manager who was born a mets fan on Long Island and all the sudden Steve Cohen is now reportedly buying eighty percent of the mets Bart. Like I can't wrap my brain around it because I'm hearing other mets fans just now thinking the world is now opening up for the mets. Ah Cohen bought a four percent. Stake of the team in two thousand and twelve for twenty million dollars are further reporting elucidated that he is in negotiations to purchase as much as an eighty percent stake in the mess of over the next five years. which point kind of phased out of will ownership of the team right? And as you mentioned the mets have been controlled by Fred Wilpon and his son Jeff for a really long time and let's be honest. They've frustrated a lot of fans every every major league baseball team every professional sports team if the tone for the organization is set by the ownership group but I think few teams are as reflective of their owners as the mets are with the wilpon but it seems like these things always happen to this team and what I always say whenever there's a bunch of bad stuff stuff happening to the same team over a number of years point to the ownership and that's the case with the mets and it's the reason we always go. Oh what's going on with the mets. Antolin blame them for the littoral L. Dumpster Fire. That was laugh. Ridden Jeff Wilpon are known for meddling in the day to day operations of the franchise more so than just about any other major league owners I am. That's that includes you know sitting in in the manager's office before and after Games sometimes that includes making decisions of it should be left up to the baseball people. They've hired nixing trades that that general managers wanted to make over financial concerns or otherwise entertain. Give us a little background on Fred Fred Wilpon but We're playing pretty good ball. I mean we're getting some excellent pitching the hitting isn't as timely at the moment. But I thank all our kids so Fred Wilpon is a Brooklyn native group any normal Brooklyn Dodgers Fan actually played high school baseball with sending Colfax facts so is still tight with Sandy Koufax he made his money in real estate fans still dislike the idea of being owned by a guy who aw unabashed in how much dodgers fan he was growing up City field itself is modeled after ebbets field. Wilpon went to games as a kid It has the Jackie Robinson Simpson Rotunda rather than something made after a met with the field open. There was a lot of a lot of thought among the fan base that it didn't represent mets history in a way they were looking for. And what's the main issue that mets fans have had with the wilpon in particular in this decade The FAN base has soured on ownership because the mets are not a spending commensurate with their market. Right Jeff Wilpon. WHO's nicknames or Fred Jeff? Jeff coupon have been hated owners by the New York mets for years on now the mets to be fair start to spend a little bit more in recent years but they continue due to be basically a mid to small market team in a large market. Think the well ponds are bad on it and I think they have. They have to get rid of their wilpon. 's get better on her so that they can start spending money in the right way in the twenty in the two thousand and ten ends the mets have seen their payroll increase the least on a percentage basis compared to everyone else in major league baseball. It's gone up seventeen percent at a time where you know teams in their own division. The nationals for instance are paying two hundred percent more on their payroll this decade than last. So I think there's a lot of criticism from the fan base. The ownership is not willing to invest type of financial resources. Necessary for them to compete is incredibly frustrating. Over the years that the New York mets may have been a piece maybe two pieces away and the team would not go out and spend and content on an in annual basis the way they want to and while the Wilpon have not been spending the team has also not winning that budge. Yes so since two thousand and two the mets have made three postseason appearances in two thousand six when they lost in the two thousand fifteen when they went to the world series called the haven't been to the world series since two thousand and the mets are on their way back so there has been some intermittent intermittent success. But you just look at the last decade. They've had seven losing seasons in the last ten very middle of the pack and the mets also kind of have this sheen of like the lovable loser to the point. Where they they have their own Hashtag that's synonymous with with failing spectacularly? Ll Mets I think it's the sense of the the friend who doesn't know how to get out of his own way that's so it's Lewis Casio injuring himself by stepping on a glove on the dugout steps to to pile on Louise. It's him. Drop to lose a game. The Yankees Dot com breath earlier. This year may called a press conference to announce that you went is desperate respite. While recuperating from having multiple surgeries on his heels stepped in a hole suffered an accident on his ranch in Port Saint Lucie and suffered ankle fractures which meant that he was going to miss the rest of the season. And of course there's Bobby Baena day which has also become a bit of a mets punchline. Nine you don't know about Bobby Day do you bobby. Bonilla Day is July first of every year which on which day the mets a seven figure check to Baena. This goes back to the year. Two thousand where they bought out the remainder of bananas contract. He's going to make an additional thirty thirty billion dollars up until when he's sixty five That's a pretty good deal for for bobby though. I just going to pay him a million dollars a year for the next twenty years. Yes yes it's that kind of Absurdity strikes trench is seemingly more than now and then of course you know the most notable example of wilpon mismanagement of the mets is their involvement almond with Bernie madoff. The made off scandal has cast a cloud over the New York. Mets whose owners face a lawsuit over millions in alleged fake profits But talk this off. Season hasn't been new acquisitions as much as what might be sold off the team owners have said they're willing to sell twenty five percent of the ball club to recoup losses. They claim or at the hands of Bernie madoff the wilpon had been investing with Bernie Madoff for a very long time In kind of reading the quote unquote rewards of A lucrative return year over year With made offs investment firm And then win made off when under in two thousand eight When when the House of cards cards Kinda collapsed on him They just haven't been as financially liquid as they were prior to everything going down with made off and just explain to people. What like the scale of what we're talking about? How much money did the mets lose to the mets owners lose in Bernie Madoff Ponzi scheme? The report at the time was that will on May of lost up to seven hundred million dollars because of Bernie madoff a massive amount of money that we're talking about even on the scale of professional. Sports owners are swimming being in different financial waters than your I are of but it's still a huge amount of money in a really impactful amount of money that that's clearly had an influence on the way the mets. That's been run since so did. MLB and then commissioner bud see like ever considered taking drastic action like removing the Wilpon says owners or war forcing them to sell because of their involvement with made off. I don't think it ever really got far down the line in terms of happening I think because of the close relationship between Seelig and will that Major League baseball was going to do everything it could to keep. The wilpon is in control of the mets Major League baseball itself. Self load the mets twenty five million dollars in late twenty ten. It was willing to kind of swallow the struggles at the Wilpon were going through financially. At that time thinking there was a light at the end of the tunnel for them to kind of resume spending the way that they did prior to everything happening with made off. And there was fallout for the mets on the field. From all of this Bernie madoff not in the starting lineup. But a big player in their team's many financial troubles which led to some of the mets biggest stars being sold opening day. Usually a sell-out was not a hard ticket. Define they started to go downhill bear kind of the bigger freeze and contracts that they had signed remained on the teams books for a few years but basically stopped investing players outside the organization. The lead is supported by simply safe break in spike every single year during the holidays because families are traveling in burglars. No people have expensive gifts lying around. What's crazy is that only one in five homes have home security probably because most is companies? Don't make it easy with their astronomical. 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Why are the wilpon looking to sell now? One of the reasons the sale is happening now so as it is Is that Fred. Wilpon just turned eighty three At the end of November and so he's trying to secure the long term future of the New York. Mets and there has been some disagreement over. Exactly what would happen Win A wilpon passes away and and how it would be handed down through his family. A Jeff Wilpon. His his son has taken on an outsized role with the team as chief operating officer. He's been really the public face of ownership for a few years now. Fred Wilpon has not spoken publicly in quite a few years. We'll so tell me about Steven Cohen. The guy in line to buy the mets and perhaps the guy in line to be the met Savior sports so I played soccer. I played basketball in high school team. And and just played golf. And that's what you did is a hedge fund manager He was born in great neck. New York grew up a mets fan out. A Long Island started his own Hedge Fund and then in two thousand and thirteen his company was indicted for insider trading breaking news to bring you now the. Sec Is Doing Hedge Fund advisor. Steve a Cohen for failing to supervise Q.. Interesting your employees and prevent them from alleged insider trading. I'm very big news. This is the first formal charges of the SEC. Against Steven Been Cohen. Understand the rules on trading inside information. It's very familiar with rule. Ten B Five Dash One No no not that. You'd have to explain it to me. The firm ended up agreeing to pay a one point. Eight billion dollar fine. His net worth is estimated at more than nine billion dollars by Bloomberg which would make him the wealthiest majority owner in Major League Baseball. If this all comes to pass He's a noted art collector who spent nine figures on multiple pieces of art a singularly including spending more than one hundred and forty million dollars on an Alberto Giacometti Committee sculpture. which is more money than the mets? For instance have ever paid on a single player contract. That was one of my favorite details from your piece and not only. Is that more money than the mets have ever spat aww individual players contract. That's like fifteen million dollars less than their entire payroll. What's last year? So he's spent one hundred fifty. I five million dollars on a Pablo Picasso Painting Picasso mets have only run a payroll north of one hundred and fifty. Five million dollars This past season. That was the first time they ever did that. So if Steve Cohen does come in he would be the richest owner in baseball. And he's known to be a pretty serious mets fan. What impact? What do you think he can have on the organization? We don't know for sure but I think there have been people who have compared it to Steve Balmer coming in and running the Los Angeles Clippers in the NBA. But most of all punked saying hello as clippers. The Paul E. Coli come on the thought that a lifelong fan like this will spend considerably more on the product. Baseball baseball does not have a salary cap. The way other sports do so he could spend as much as he wants to on the on field product. There's also He's also guy who through his work. As a hedge twin manager has embraced the analytical side of things and the mets have been very slow in terms of kind of changing with the current times in baseball and embracing analytics analytics. So the thought is With Cohen on board as the majority owner. They'd be a bit swifter in that area as well. We don't know what it'd be like on a day-to-day basis as if he would have the same kind of imprint. On the day to day activity that the wilpon like to have. But that's that's something kind of have to wait and see until he actually becomes the owner to know another another open. Question is what the mets will do with general manager. Brodie van Wagon He. He was a controversial higher. You know he had never been a GM. He was an agent before or he had represented some mets players. Do you have a sense of whether the sale will be in that brody loses. His job is kind of the same dynamic where your general manager working for the owner. Who did not hire you? That you've got to win him over you're not his guy and so I think bandwagon face that same dynamic down the line with Cohen. How how of mets fans reacted to the possibility of a change in ownership as if they won the world series Steve Cohen? Our Savior Steve Cohen. Colwyn we bow to the Steve Cohen. We love you. You have swooped down to save us. From the Wilpon 's goodwill plans had been the boogeyman in this franchise for so long everything that was wrong with the mets was attributed to the wilpon. That you you know if presented with the option of the Wilpon the known entity on one hand versus whatever's behind the curtain. Whatever is behind door number one mets fans would choose the unknown Insead Cohen so the fact that Cohen is as wealthy as he is I think exacerbates the excitement for stands stand the thought that he would be willing to send financially with the Wilpon. Haven't been able to recently. There's light at the end of the tunnel for mets fans. I think this is probably more exciting for them than any single single free agent would have been in this off season right no more numerous brown paper bags at city. You never know for sure. Well Tim thank. Thank you so much for joining us at. It'll be exciting to see what happens going forward anytime. Thank you for having me a step. The Band Green the rain. Your brain your life here. Here are some other stories. We're following at lead Major League Baseball. Commissioner Rob Manfred announced that all thirty. MLB teams will expand protective netting. Starting in the twenty twenty season the news comes on the heels of some terrible accidents and after a study found that more than eight hundred fans have been injured by baseball's also major league games in the past eight seasons. NFL executives apparently aren't satisfied. With some of the League's recent rule changes the athletics. Daniel Kaplan reports that Troy Troy Vincent the NFL's Executive Vice President of football operations acknowledged problems with officiating and the new pass interference challenge for all. He said quote everything. Everything is on the table meaning we could see some big changes next season and last night was a homecoming of sorts for Leonard. The crowd in Toronto gave him a Standing Standing Ovation and chanted. Mvp as he received his championship ring in his first game in Toronto since joining the clippers and with lights off during pre-game ceremony they projected footprints on the court that traced the path he took to conic buzzer beater against the seventy sixers in the eastern conference finals. If you like our show please give us a five star rating and tell your friends to subscribe. We're available on Apple Apple PODCASTS spotify stitcher and every major listening APP from wondering and the athletic. I'm Viva Davidson an arm on CISCO SEE tomorrow

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