February 18: The signing of Juan Soto was just the beginning of the Mets owner Steve Cohen’s offseason spending binge.
As the Mets continued their full squad exercises in Port St. Lucie, Florida, on Tuesday, Cohen stated that he believed his New York team needed to go well beyond the budgeted restrictions in order to compete for the World Series.
Cohen stated, “I can fund it. I take things year-by-year.” “But is it the best method to manage a team? Most likely not.”
The Dodgers’ use of deferred payments to secure premium offseason rewards each of the previous two winters has been criticized by MLB critics, and the Mets are not joining the chorus. According to Cohen, “their revenues are much higher than other teams. That gives them the ability to do things other teams can not do, so kudos to them.” This means that the team’s revenue allows them to add and spend when others cannot.
Cohen referred to complaints from well-known owners, including Hal Steinbrenner of the crosstown Yankees and Cubs billionaire Tom Ricketts, regarding the Dodgers deferring Shohei Ohtani’s $680 million salary and more recent additions Blake Snell and Tommy Edman, as a “red herring.” Snell deferred $66 million on a five-year, $182 million contract. Edman agreed to a five-year contract worth $74 million, of which $25 million is deferred.
Cohen said that in addition to signing bonuses, the Dodgers are also making large upfront commitments. According to reports, Snell received a $52 million signing bonus.
Cohen is concentrating on selecting and nurturing players in order to steer the Mets in the direction of long-term success as a contender. Every December, the Mets do not intend to write big cheques and start spring training with $325 million in payroll. This season, only the Dodgers have a larger payroll. Every team that spends more above $301 million on player payroll will be subject to a 60% tax from MLB.
This month, the Boston Red Sox signed free agent Alex Bregman to a three-year, $120 million contract using deferred payments. Boston avoids the MLB luxury tax threshold because half of the contract is deferred.
In terms of payroll growth, Cohen stated, “I have always wanted to be a little more measured, and then it is never quite there.” “I want to win and put the best team on the field, and I can pay if I have to, but free agency is costly, that is the way it is.”
