Spidey Man
Superstar
Gotta put some respect on Tiki's name. The man was right.
The Official 2019 New York Mets off-season thread: Steve Cohen NOT buying team; Team still for sale
- Thread starter Rell Lauren
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Gotta put some respect on Tiki's name. The man was right.
Spidey Man
Superstar
Thank you Cohen for saving us. Hopefully you get them to extend Syndergard before he goes to the Yankees or Philly on free agency
This deserves a thread title change lol.
FooFighters
Superstar
Likely scenarios from Amazin Avenue on SB Nation. Wilpons taking steps to sell large portion of Mets to billionaire Steve Cohen
"Technically anything is possible. But as someone who has experience in business sales myself, I’ll lay out the 3 most likely scenarios:
1) It’s an agreement where the team is sold today but the Wilpons stay as CEO. In that case, Cohen would have power and authority over the Wilpons the moment the sale is complete (within 12 months or so). In that case, the CEO clause is just guaranteeing the Wilopns get paid to serve as CEO. It doesn’t guarantee they actually keep that job. Many business merger agreements have similar clauses, they do not prevent the CEO from getting fired. It is just a "sweetener" to secure the deal. It’s really no different from any manager or executive being hired on a guaranteed contract. Anyone can get fired, contract or no contract. The only thing guaranteed is the money.
2. On the other hand, the agreement could be that Cohen doesn’t actually receive a majority share until 5 years from now. In which case Wilpons would keep full power until that day. This is definitely possible, but it is not a likely scenario, because Cohen would have already considered that exact risk you mentioned. He wouldn’t want to buy a devalued team in 5 years. This type of agreement is not common at all except where friendships/family is involved. But it certainly is possible.
3. Cohen isn’t actually buying a majority share, just buying the right to do so (in five years). In which case he could be paying for a total of 40% ownership now (it is unclear what minority percentage he already has). Then the contract would also include a clause where he can buy another 40% in 5 years at a pre-set price. This is actually extremely common in business investments, and has been done more than a few times with sports teams, especially in the NBA (see the Grizzlies). I only rank this one third because it doesn’t match the information that has been reported about the Mets. But it’s still worth considering as a possibility since the news is still early and reporters could be misinformed on things."
"Technically anything is possible. But as someone who has experience in business sales myself, I’ll lay out the 3 most likely scenarios:
1) It’s an agreement where the team is sold today but the Wilpons stay as CEO. In that case, Cohen would have power and authority over the Wilpons the moment the sale is complete (within 12 months or so). In that case, the CEO clause is just guaranteeing the Wilopns get paid to serve as CEO. It doesn’t guarantee they actually keep that job. Many business merger agreements have similar clauses, they do not prevent the CEO from getting fired. It is just a "sweetener" to secure the deal. It’s really no different from any manager or executive being hired on a guaranteed contract. Anyone can get fired, contract or no contract. The only thing guaranteed is the money.
2. On the other hand, the agreement could be that Cohen doesn’t actually receive a majority share until 5 years from now. In which case Wilpons would keep full power until that day. This is definitely possible, but it is not a likely scenario, because Cohen would have already considered that exact risk you mentioned. He wouldn’t want to buy a devalued team in 5 years. This type of agreement is not common at all except where friendships/family is involved. But it certainly is possible.
3. Cohen isn’t actually buying a majority share, just buying the right to do so (in five years). In which case he could be paying for a total of 40% ownership now (it is unclear what minority percentage he already has). Then the contract would also include a clause where he can buy another 40% in 5 years at a pre-set price. This is actually extremely common in business investments, and has been done more than a few times with sports teams, especially in the NBA (see the Grizzlies). I only rank this one third because it doesn’t match the information that has been reported about the Mets. But it’s still worth considering as a possibility since the news is still early and reporters could be misinformed on things."
FooFighters
Superstar
Saul Katz should be in the Mets Hall of Fame for forcing Fred to finally sell. Today is a good day.
This might be the happiest day of my sports fandom
Carolina Slim
Superstar
I was not expecting news of this nature. You brehs should have seen the smile of joy that crossed my face when I saw the news on the ESPN news crawl... My wife was looking at me like "what are you so happy about"
Bruhhhhhhhhh
I've dreamed of this day, this is up there with the birth of my son
Barnett141
Banned
Didn't even realize you were banned until now. Good, rot in piss you smelly cac, go suck your daddy Vince's dikk on another forum.
I went to school with degrom
Pretty sure he was a shytty MIF then
Crazy to see how he turned it around
Also pretty sure we dated the same chick
Pretty sure he was a shytty MIF then
Crazy to see how he turned it around
Also pretty sure we dated the same chick