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#pounditSaturday, August 8, 2020

Report: Mets owners unhappy with first round of bids; Steve Cohen still interested

New York Mets

New York Mets owners Jeff and Fred Wilpon are looking to sell the franchise before the end of the year, but it does not sound like they are anywhere close to a deal yet.

The Mets are set to receive a first round of bids from prospective buyers later this week, and Charles Gasparino of FOX Business Network reports that the bids are expected to be “weak” and all below $2 billion. While hedge fund billionaire Steve Cohen may not participate in the first round, sources told Gasparino he is still interested in buying the Mets.

Cohen had the framework of a deal in place to buy an 80 percent stake in the Mets at a $2.6 billion valuation, but things fell through in February due to a number of issues. Many believe he will end up back at the negotiating table with the Wilpons at some point before the team is sold.

In addition to Cohen, former MLB star Alex Rodriguez and his fiancee Jennifer Lopez are also looking to buy the Mets. They recently found an investor willing to contribute $250 million to a potential purchase of the team, though it’s unclear if their bid is one of the ones that will be submitted this week.

The value of the Mets may be lower now than it was earlier this year due to the impact of the coronavirus. That could result in bids that are a lot lower than the Wilpons were originally expecting, but they may need to adjust their expectations if they want to sell.

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