Mets owner Steve Cohen 'not afraid to spend money' as he seeks blend of stars and farm success
New York Mets owners Steve Cohen and Alex Cohen attend Opening Day between the Mets and the Milwaukee Brewers against the at Citi Field on Friday. Credit: Jim McIsaac
Steve Cohen doubled down on his new team philosophy before Mets Opening Day, again underlining that the franchise intends to have a more conservative financial approach in coming years — attempting to build a sustainable winner via a self-replenishing farm system that is complemented by judicious free-agent signings.
Before his team began the season with a 3-1 loss to the Brewers on Friday, Cohen added that he remains open to the idea of adding payroll at the trade deadline if it makes sense.
“We’ve got to find a blend that works,” he said. “I’m not afraid to spend money, but I don’t want to be just spending money for the sake [of spending money]. I want this organization to be run efficiently, I want it to be run professionally. I really have said this for a while: I truly believe the only way to get there sustainably is developing talent. It’s no different than my hedge fund, where we develop a lot of talent as opposed to trying to buy [workers] from other firms.”
Cohen said that though the team is in a period of transition, “the goal is to make the playoffs” this season. “If we don’t make the playoffs,’’ he said, “I’ll be disappointed.”
The Mets’ payroll, the highest in baseball, sits at $338 million, according to Spotrac, putting them past the fourth and final luxury-tax threshold — meaning that all free-agent acquisitions are taxed at a rate of 110%.
“The only way you’re getting out of it is if you have a good farm system so that you can actually put players that are reasonably cost-controlled,” Cohen said. “You should have a blend of that, and I think most teams do. Our farm system was not one of the best farm systems a few years ago and it was tougher to do. In the end, we want to put the best ballplayers on the field. If it turns out that it’s coming out of our farm system, even better.”
Cohen said it would be challenging to reset the penalty completely — something that can happen only if the team doesn’t exceed the first competitive balance tax threshold. That number is $241 million for 2025.
It also doesn’t seem like a priority.
“I think the only way you can really do it would be if the farm system really [produces a lot of] players, so that’s possible,” he said. “We don’t have to do that. I’m perfectly happy to finance us in a way where that isn’t a goal of mine. If it were to happen, that would be fantastic. The reality is you’ve got to expect something in the middle someplace, right?
“Spending $375 million last year seemed a little bit over the top. And then on top of it — the problem with free agency is you’re dealing with the aging curve. You just don’t know when a player is going to [fall off]. If you have enough free agents, eventually you’re going to look like the free-agent curve. Sometimes that doesn’t work out very well. Over time, you get a declining performance, and yet you’re still paying a lot of money for that.”
Laura Albanese is a reporter, feature writer and columnist covering local professional sports teams; she began at Newsday in 2007 as an intern.
