• Loading stock data...
Tuesday, November 12, 2024
DEADLINE EXTENDED: The Best Employers in Sports survey is now open through Nov. 13 Learn More

In One Stadium Move, Cohen Saves The Mets More Than $200M

  • Stadium bond refinancing yielding significant savings
  • Team owner continues push to improve Citi Field area
Brad Penner-USA TODAY Sports

New York Mets owner Steve Cohen is well known for his unprecedented spending on players and league-leading personal wealth. But he’s also managing to save the club significant sums of money.

Cohen’s Mets — who fielded a MLB-record $344 million payroll this year, and led by his estimated $19.8 billion net worth — are reaping major benefits from a 2021 refinancing of bonds funding the construction of 14-year-old Citi Field, which was publicly owned and now also owned by Cohen.

The refinancing infused $50 million into the balance sheet for the stadium bonds. It also lowered interest rates from a prior range of 4.3-6.5% to a new one of 2-5%, reducing annual payments and yielding more than $200 million in total savings between now and 2046.

“New ownership immediately and continually invests in the on-field team product with one of the highest payrolls in MLB,” Moody’s Investor Service wrote in a report giving the Mets’ stadium bonds a stable outlook. “This willingness to support the team, and the ballpark if needed, is expected to continue.”

Stadium Aspirations

That investment in the ballpark and the area surrounding Citi Field continues to be one of the key focal points for Cohen and the Mets. Following a dismantling of the roster at this past season’s trade deadline, Cohen pledged a heightened focus on the Citi Field experience for the 2024 season.

More recently, Cohen has been public about his desire to build a casino in the oft-criticized Queens neighborhood adjacent to Citi Field, an effort that would be new for a major league ballpark setting.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

NBA’s Declining Viewership Gets Steph Curry Bump

Last Wednesday’s Warriors-Celtics game averaged 2.14 million viewers.

Bears Revisiting Another Lakefront Location for New Stadium

The site is about 2.5 miles south of Soldier Field.

Chiefs-Bills Clash Could Set Ratings High, and CBS Is Going Big

CBS is set to broadcast “The NFL Today” on-site from Highmark Stadium in Orchard Park, N.Y.

Tropicana Field Repairs Will Cost $55.7 Million and Take a Year

The MLB club will need an alternate home facility for all of the 2025 season.
podcast thumbnail mobile
Front Office Sports Today

Can the NBA Cup Help Revive Lagging Viewership?

0:00

Featured Today

Former President Donald Trump waves to the crowd as he exits the putting green with his aide Walt Nauta, left, during the final round of the LIV Golf Bedminster golf tournament at Trump National Bedminster on Sunday, Aug. 13, 2023.
opinion

Trump Win Puts Sports Back in the White House

With Trump back in the White House, sports get more political again.
Members of the NY Giants run onto the field to start the game between the New York Giants and the Washington Commanders at MetLife Stadium in East Rutherford on Sunday, Nov. 3, 2024.
November 8, 2024

The NFL Is Becoming the League With No Borders

Where will the NFL go next? International expansion will only get bigger.
November 5, 2024

NFL Center Connor McGovern Is the Heir to a Potato Empire

The NFL vet’s family provides potatoes for McDonald’s, Wendy’s, and others.
Vanderbilt Commodores fans head to the south end zone as the goal post is taken down by exuberant fans after beating No. 1 Alabama 40-35 at Vanderbilt Stadium in Nashville, Tenn., Saturday, Oct. 5, 2024.
opinion
November 2, 2024

Something New in College Football This Year: Parity

Upsets, surprises. CFB is more fun on the field than the NFL.
Nov 10, 2024; Arlington, Texas, USA; Philadelphia Eagles quarterback Jalen Hurts (1) throws a pass against the Dallas Cowboys in the game at AT&T Stadium.

Why Won’t Jerry Jones Hang Curtains for Cowboys Games?

AT&T Stadium put up curtains for “WrestleMania” and The Eras Tour.
November 7, 2024

Cardinals Return to DSG at Reduced Fee, but Company’s Issues Remain

The team’s revised rights deal includes a lowered fee and newly added streaming rights.
November 10, 2024

Bucks Limited by Salary Cap Woes Amid Early-Season Struggles

Milwaukee is one of four teams above the NBA’s second apron this season.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
November 6, 2024

Chiefs Eye Perfect Season, Three-Peat, and Capitalizing Off the Field

Despite injuries and an abnormally low average margin of victory, the wins keep coming for Kansas City.
November 5, 2024

Twins At Crossroads: Team Sale, Media Shifts, and Rising Competition

Team officials look to maintain “business as usual” amid growing uncertainty.
November 5, 2024

Sorry, Sacramento: Your MLB Team Will Only Be Known As the Athletics 

The club’s new “brand transition guidelines” remove any reference to a place.
November 3, 2024

Embiid’s Clash With Reporter Sparks NBA Probe, Concerns for Sixers

The former NBA Most Valuable Player angrily confronts and shoves a local columnist.