Steve Cohen backing out of Mets purchase?

[BROOKLYN JET]

 

[Jetsfan80]

Oh FFS.  

Why is every sports team I root for like this.  

 

[BROOKLYN JET]

25 minutes ago, Jetsfan80 said:

Oh FFS.  

Why is every sports team I root for like this.  

 

Because @T0mShane

[JoeC36]

didn't this happen with that Einhorn guy way back when? At least he got a press conference

[section314]

Probably because of the Beltran mess. Wouldn't be surprised if he didn't want the Mets to tell Manfred to go fu*k himself and keep Carlos as manager. Either that or he wanted to bring in somebody else as manager, maybe Bobby V, and was voted down. The Wilpons need him a hell of a lot more than he needs them.

[BROOKLYN JET]

https://nypost.com/2020/02/04/billionaire-steve-cohens-bid-to-buy-mets-is-on-life-support/

Billionaire Steve Cohen’s bid to buy Mets is on life support

Steve Cohen’s $2.6 billion bid to buy the Mets is on life support — if alive at all.

Sources close to the situation are confirming that the billionaire hedge fund manager is ending negotiations with the Wilpons on his purchase of an 80 percent stake in the franchise. According to those sources, Cohen is deeply unhappy with the Wilpons changing the terms of the deal at a very late stage and has decided to walk away.

When rumors broke that the Cohen deal was dead on Tuesday, the Mets offered a strangely worded non-denial.

“The parties are subject to confidentiality obligations, including a mutual non-disclosure agreement, and therefore cannot comment,” a statement read.

Sources close to Cohen tell The Post that the 63-year-old, $13 billion man is taking the NDA more seriously than the Wilpons and is holding his tongue for the time being.

This is the second time that a deal to sell the Mets to a local billionaire hedge fund manager has fallen through. In 2011, the Wilpons tried to tweak a deal with David Einhorn, who similarly balked at the machinations and publicly walked away, accusing the Wilpons of bad faith in the final stages of his deal.

[BROOKLYN JET]

26 minutes ago, JoeC36 said:

didn't this happen with that Einhorn guy way back when? At least he got a press conference

Yup

[UnitedWhofans]

1 hour ago, Jetsfan80 said:

Oh FFS.  

Why is every sports team I root for like this.  

 

Well clearly it's Evan Roberts' fault. Naming your kid "Jet" deserves some consequences

[TuscanyTile2]

What a disaster.  The only hope is that the Coupons will back down from their changing the deal now that they've been called out by Steve Cohen.  It depends how desperate they are to sell.  I would think they do want to, considering things got this far, but maybe they got greedy.

If the Coupons don't sell there is a little extra negative fallout in that Brodie probably stays our GM.

[BROOKLYN JET]

He walked away, hopefully he can buy the Jets.

[The Crimson King]

There are no words

… or at least words that can be repeated in mixed company

 

[The Crimson King]

BTW: It's only $2.6B. If we all get together, we can come up with it. I'll skip the next pedal (~$125), so you all need to come up with $25,999,999,875. 

[SAM SAM HE'S OUR MAN]

The Wilpons f-ck up everything they touch . SELL WILPON SELL .

[SAM SAM HE'S OUR MAN]

And it's time to change that godd-mn jackie robinson video that plays continuously while entering sh*ttyfield . ENOUGH ALREADY . It's the METS stadium . CELEBRATE THEM .

[Scott Dierking]

Boy, we need to pray that this is a negotiating stance and a leverage play by Cohen.

Wilpons do not have a ton of leverage on their part as they still carry great debt which they need to service, there is no succession plan for the franchise, and Katz wants out and does not trust them.

But, you can never disqualify the a-hole factor that are the Wilpons. The fan base will revolt, and likely so, if this falls through.

[Matt39]

1 hour ago, Scott Dierking said:

Boy, we need to pray that this is a negotiating stance and a leverage play by Cohen.

Wilpons do not have a ton of leverage on their part as they still carry great debt which they need to service, there is no succession plan for the franchise, and Katz wants out and does not trust them.

But, you can never disqualify the a-hole factor that are the Wilpons. The fan base will revolt, and likely so, if this falls through.

I'd be skeptical of this actual "debt." Feel bad for Mets fans. 

[Scott Dierking]

1 hour ago, Matt39 said:

I'd be skeptical of this actual "debt." Feel bad for Mets fans. 

Oh, the Wilpons are in debt for sure. Credible reports are that they are at the limit of debt allowed by MLB. They have had to refinance several times and reports are they are losing money. They owe on Citi Field. They reportedly owe on construction projects that they are involved in.

MLB (Selig) bailed them out last time, wrongly so. 

The Wilpons will sell. Hopefully it is to Cohen

[section314]

2 minutes ago, Scott Dierking said:

Oh, the Wilpons are in debt for sure. Credible reports are that they are at the limit of debt allowed by MLB. They have had to refinance several times and reports are they are losing money. They owe on Citi Field. They reportedly owe on construction projects that they are involved in.

MLB (Selig) bailed them out last time, wrongly so. 

The Wilpons will sell. Hopefully it is to Cohen

The Wilpons really don't know Steve Cohen at all if they think they are going to nickle and dime him to get what they want. He ate people like these two idiots for lunch on the way to amassing his fortune. They need him, not the other way around.

[Scott Dierking]

7 minutes ago, section314 said:

The Wilpons really don't know Steve Cohen at all if they think they are going to nickle and dime him to get what they want. He ate people like these two idiots for lunch on the way to amassing his fortune. They need him, not the other way around.

Very true.He is a predator and will not put up with their typical "late changes" on agreements that have been made in principle. 

Who knows where the truth lies in regard to Wilpons actually maintaining control, while Cohens money is invigorating the organization. That would seem to be a non-starter to agreements for anyone that would be involved.

[section314]

21 minutes ago, Scott Dierking said:

Very true.He is a predator and will not put up with their typical "late changes" on agreements that have been made in principle. 

Who knows where the truth lies in regard to Wilpons actually maintaining control, while Cohens money is invigorating the organization. That would seem to be a non-starter to agreements for anyone that would be involved.

Agreed. I didn't hear the interview, but David Faber from CNBC was on the FAN yesterday, and he hinted that his sources indicated another potential buyer is out there. If that's true, and the Wilpons were "shopping the bid," that would do it for Cohen, even though that happens all day long in my old business. Was in institutional trading for 30 years, and Cohen's firm was one of our biggest clients. He doe not suffer fools kindly at all.

[BROOKLYN JET]

 

[32EBoozer]

3 hours ago, section314 said:

Agreed. I didn't hear the interview, but David Faber from CNBC was on the FAN yesterday, and he hinted that his sources indicated another potential buyer is out there. If that's true, and the Wilpons were "shopping the bid," that would do it for Cohen, even though that happens all day long in my old business. Was in institutional trading for 30 years, and Cohen's firm was one of our biggest clients. He doe not suffer fools kindly at all.

There's some new talent on the scene! And they don't play around.

[BROOKLYN JET]

Wilpons are blowing this deal, and the will regret it.

[TuscanyTile2]

3 hours ago, BROOKLYN JET said:

Wilpons are blowing this deal, and the will regret it.

Hopefully they're unable to find another buyer and they have to go back to Steve Cohen and grovel.  And hopefully they get a much worse deal financially and have to give up control immediately.  

[Scott Dierking]

Well, this portion of the sale is over.So much that we don't know and seemingly contradicts itself:

-Which party was the one that wanted to introduce last minute changes the agreement in principle?

-What was the true understanding of the roles of the Wilpons during the first 5 years? Was it an empty title, with their salaries remaining, but Cohen would have organizational final say?

-If the Wilpons really thought they should have organizational say, then they are delusional.

-Did Cohen really think that he should have say into the managerial hiring right now? Not a fair assumption on his part. Deal is not done, and until then Wilpons deserve that ability. This was always about creating a 1 year managerial/GM bridge, if Cohen wanted to make changes after that, that is his prerogative.

-I understand that Commissioner Manfred always sides with owners, but his declaration that none of this is on the Wilpons is shameful.

-And what is this supposed leak that Cohen may never now be approved for the purchase of another team? Are they that stupid?

So now we move into an organized sale process and bid. We as Mets fan should hope that Cohen is allowed to get back involved in a bid process. We should also hope that the incredibly stupid thought that gives the Wilpons 5 more years of organizational control is dissolved. I can't imagine them getting a best bid in that scenario.

We should also hope that it is not a buy out through committee (a la the Marlins). We need 1 single owner with majority control and deep pockets. And we need the sale to be concluded before next offseason.

What a shame.

[section314]

28 minutes ago, Scott Dierking said:

Well, this portion of the sale is over.So much that we don't know and seemingly contradicts itself:

-Which party was the one that wanted to introduce last minute changes the agreement in principle?

-What was the true understanding of the roles of the Wilpons during the first 5 years? Was it an empty title, with their salaries remaining, but Cohen would have organizational final say?

-If the Wilpons really thought they should have organizational say, then they are delusional.

-Did Cohen really think that he should have say into the managerial hiring right now? Not a fair assumption on his part. Deal is not done, and until then Wilpons deserve that ability. This was always about creating a 1 year managerial/GM bridge, if Cohen wanted to make changes after that, that is his prerogative.

-I understand that Commissioner Manfred always sides with owners, but his declaration that none of this is on the Wilpons is shameful.

-And what is this supposed leak that Cohen may never now be approved for the purchase of another team? Are they that stupid?

So now we move into an organized sale process and bid. We as Mets fan should hope that Cohen is allowed to get back involved in a bid process. We should also hope that the incredibly stupid thought that gives the Wilpons 5 more years of organizational control is dissolved. I can't imagine them getting a best bid in that scenario.

We should also hope that it is not a buy out through committee (a la the Marlins). We need 1 single owner with majority control and deep pockets. And we need the sale to be concluded before next offseason.

What a shame.

Probably will never know, but taking a wild guess here. Stevie Cohen's last 8-10 years have been a legal hell. He would have had an army of the best legal council possible to make this deal. They would have gone over every possible loophole imaginable . My $ is solidly on the Wilpon's trying to fu*k Cohen at the last minute. This is their pattern(see David Einhorn.) The NY Post has a very good reporter on this story, a guy who is a financial journalist who has followed Wall Street/hedge funds for years, and has major contacts in that world. Had an interesting story yesterday. They talked to a former high level type with the Mets. To paraphrase..."other than 1 week playing minor league baseball, Jeff Wilpon's life has been working for his father and running the Mets. He can't do anything else." Pretty harsh. The reason this is relevant is supposedly the Wilpon's told Cohen that even after the deal closed, Jeff would continue to have an actual say in how the team was run. That would break me, and I'm not the one who was going to put up 2.5 billion. The Wilpon's are scumbags, pure and simple.

[Scott Dierking]

5 minutes ago, section314 said:

Probably will never know, but taking a wild guess here. Stevie Cohen's last 8-10 years have been a legal hell. He would have had an army of the best legal council possible to make this deal. They would have gone over every possible loophole imaginable . My $ is solidly on the Wilpon's trying to fu*k Cohen at the last minute. This is their pattern(see David Einhorn.) The NY Post has a very good reporter on this story, a guy who is a financial journalist who has followed Wall Street/hedge funds for years, and has major contacts in that world. Had an interesting story yesterday. They talked to a former high level type with the Mets. To paraphrase..."other than 1 week playing minor league baseball, Jeff Wilpon's life has been working for his father and running the Mets. He can't do anything else." Pretty harsh. The reason this is relevant is supposedly the Wilpon's told Cohen that even after the deal closed, Jeff would continue to have an actual say in how the team was run. That would break me, and I'm not the one who was going to put up 2.5 billion. The Wilpon's are scumbags, pure and simple.

And they wanted Jeff to stay on after the 5 year period. 

[section314]

Just now, Scott Dierking said:

And they wanted Jeff to stay on after the 5 year period. 

I know. Getting rid of all the Wilpons was probably Cohen's main objective.?

[The Crimson King]

7 minutes ago, section314 said:

I know. Getting rid of all the Wilpons was probably Cohen's main objective.?

 … and our great hope !

unfortunately their legacy of a barren farm system would still be with us for many years and their monument to Ebbetts Field will be with us for our lifetimes.  

[JetsMetsDevilsPA]

According to multiple reports they hired Allen & Company to manage the sale now.  

https://empiresportsmedia.com/mlb/wilpons-end-talks-with-cohen-but-still-intend-to-sell-the-new-york-mets/

Look who works for Allen & Company - Bradley Wilpon

https://www.linkedin.com/in/bradley-wilpon-b3b902140

[Scott Dierking]

21 minutes ago, JetsMetsDevilsPA said:

According to multiple reports they hired Allen & Company to manage the sale now.  

https://empiresportsmedia.com/mlb/wilpons-end-talks-with-cohen-but-still-intend-to-sell-the-new-york-mets/

Look who works for Allen & Company - Bradley Wilpon

https://www.linkedin.com/in/bradley-wilpon-b3b902140

The way it should be handled.

I understand that Cohen was given preferential treatment because he is a minority owner. Now, let the professionals do it.

[section314]

21 minutes ago, JetsMetsDevilsPA said:

According to multiple reports they hired Allen & Company to manage the sale now.  

https://empiresportsmedia.com/mlb/wilpons-end-talks-with-cohen-but-still-intend-to-sell-the-new-york-mets/

Look who works for Allen & Company - Bradley Wilpon

https://www.linkedin.com/in/bradley-wilpon-b3b902140

No surprise, I guess. Thought Goldman Sachs would be the obvious choice, but Allen &Company is a fantastic firm.

[SAM SAM HE'S OUR MAN]

On 2/4/2020 at 5:27 PM, BROOKLYN JET said:

https://nypost.com/2020/02/04/billionaire-steve-cohens-bid-to-buy-mets-is-on-life-support/

Billionaire Steve Cohen’s bid to buy Mets is on life support

Steve Cohen’s $2.6 billion bid to buy the Mets is on life support — if alive at all.

Sources close to the situation are confirming that the billionaire hedge fund manager is ending negotiations with the Wilpons on his purchase of an 80 percent stake in the franchise. According to those sources, Cohen is deeply unhappy with the Wilpons changing the terms of the deal at a very late stage and has decided to walk away.

When rumors broke that the Cohen deal was dead on Tuesday, the Mets offered a strangely worded non-denial.

“The parties are subject to confidentiality obligations, including a mutual non-disclosure agreement, and therefore cannot comment,” a statement read.

Sources close to Cohen tell The Post that the 63-year-old, $13 billion man is taking the NDA more seriously than the Wilpons and is holding his tongue for the time being.

This is the second time that a deal to sell the Mets to a local billionaire hedge fund manager has fallen through. In 2011, the Wilpons tried to tweak a deal with David Einhorn, who similarly balked at the machinations and publicly walked away, accusing the Wilpons of bad faith in the final stages of his deal.