Mets Make Splash With First Big Trade Since Ownership Change

    • Steve Cohen promised big spending when he bought the Mets in the fall.
    • This article was first published in the FOS Daily Newsletter. Subscribe here.

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The New York Mets made their first blockbuster trade since billionaire hedge fund manager Steve Cohen purchased the team in October 2020: acquiring four-time All-Star Francisco Lindor from the Cleveland Indians.

Cohen, who has an estimated net worth of $14.6 billion, acquired the Mets in a $2.42 billion deal. He immediately said he’ll spend top dollar to make the organization a World Series contender.

Many expect the Mets to quickly sign Lindor to a long-term contract.

The 27-year-old shortstop was available as the Cleveland franchise embarks on a rebuilding effort. Shipping Lindor, along with pitcher Carlos Carrasco, to New York will save approximately $30 million in payroll. 

2021 Financial Comparisons: 

  • New York estimated payroll: $179 million
  • Cleveland estimated payroll: $40 million
  • Los Angeles Angels center fielder Mike Trout: $37.1 million

The Mets’ total no longer includes the $24 million that would otherwise be owed to Robinson Canó, who is serving a PED suspension. 

Beyond yesterday’s trade, Cohen has already delivered on his promise to spend for the Mets: 

  • Kept pitcher Marcus Stroman on a $18.9 million qualifying offer
  • Re-signed pitcher Noah Syndergaard to a one-year, $9.7 million contract
  • Signed pitcher Trevor May to a two-year, $15.5 million contract
  • Signed catcher James McCann to a four-year, $40.6 million contract

Despite the frenzy around the Lindor news, Cohen was focused elsewhere: “I know this trade seems to [be] creating excitement but let’s get back to what matters – the black jerseys,” he tweeted.