Report: Steve Cohen Wants Majority Stake Of SNY In New Bid

Mets Own 65% Of Television Network

Alec Gearty
February 20, 2020 - 10:31 am
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Don't count Steve Cohen out of buying the Mets just yet. Weeks after negotiations that would've made him the Mets majority owner collapsed, Cohen is reportedly aiming for a majority stake in SportsNet New York (SNY). 

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According to The New York Post's Thornton McEnery, Cohen has his sight set on including ownership of SNY if he were to return to the negotiating table. Chief Executive Officer Jeff Wilpon values the Mets at roughly $3 billion. Cohen was believed to increase his current 8% investment to 80% worth $2.6 billion, via Bloomberg

Sterling Equities holds a 65% ownership stake in SNY, which was launched in 2006. SNY wasn't a part of the original deal, according to Newsday. The Post reported SNY carries a value of $850 billion to $1 billion. 

Now, Cohen wants it all. 

“Cohen wants SNY, and he wants it at fair value,” a banker told The Post. “The team loses $50 million a year in a good year, so he wants SNY’s revenue, and he might pay a small premium to never have to deal with Fred and Jeff [Wilpon] ever again.”

On Tuesday, The Athletic reported Tuesday that Cohen is "waiting in the wings" to swoop in and make a substantial offer to purchase the Mets from the Wilpon family. Sports bankers and lawyers grew concerned that Cohen, worth $13 billion, surpass any other offer. 

The Wilpons reiterated their intention to sell the team. Immediate ownership of the organization was one of the key factors that likely led to the original deal's downfall.  

The deal called for the Wilpons to be phased out over a five-year span. A transitional period would'nt be in place if Cohen were to pursue the team again. According to Bloomberg, "no preconditions regarding control of the team will be attached to the upcoming sale." There is little indication whether the Wilpons will want to return to negotiations with Cohen, per the report. 

In February, Cohen commented on the failed purchase of the team, expressing his disappointment. The 63-year-old told fans, "I gave it my best shot" as he couldn't come to an agreement with Sterling Equities. Jeff Wilpon released a similar statement, but failed to divulge much information citing confidentiality and non-disclosure agreements. 

Related: Report: Sports Bankers, Lawyers Not Counting Out Cohen In Mets Bidding