Signing Juan Soto was only the start of the budget-shattering spending spree undertaken by Mets owner Steve Cohen in the offseason.
Cohen said Tuesday as the Mets continued full squad workouts in Port St. Lucie, Fla., that he felt it was necessary to go far beyond the planned financial limits to make sure his New York team was a World Series competitor.
“I take things year-by-year. I can finance it,” Cohen said. “But is it the most optimal way to run a team? Probably not.”
While the Mets leapt the competitive balance threshold and into “Cohen Tax” territory with a roster makeover, Cohen said his short-term focus is more than an expectation.
“We have to make the playoffs — that’s the minimum,” Cohen said. “After getting a taste of being in the league championship, we want to go to the World Series and we want to win.”
Soto signed a 15-year, $765 million contract as a free agent, jumping from the Yankees after also meeting with the World Series champion Dodgers.
The Mets are not part of the wave of MLB detractors ripping the use of deferred payments by the Dodgers in landing premium offseason prizes each of the past two winters. Cohen said the revenue the team is generating arms the franchise with the ability to add and spend when others cannot because, “their revenues are significantly higher than other teams. That gives them the ability to do things other teams can’t do, so kudos to them.”
Cohen called complaints, from prominent owners such as Cubs billionaire Tom Ricketts and crosstown Yankees owner Hal Steinbrenner, about the Dodgers deferring salary for Shohei Ohtani ($680 million) and more recent signings Blake Snell and Tommy Edman a “red herring.” Snell deferred $66 million on a five-year, $182 million deal. Edman signed a five-year deal worth $74 million, but $25 million of that sum is deferred.
Cohen pointed out the Dodgers are also paying massive guarantees up front with signing bonuses. Snell’s signing bonus was reportedly $52 million.
To bring the Mets toward the path of sustainable growth as a contender, Cohen is putting his focus on drafting and developing talent. The Mets are not planning to write massive checks every December and enter spring training with a payroll of $325 million. Only the Dodgers have a higher payroll this season. MLB will tax every team 60 percent for every dollar spent over $301 million on player payroll.
The Boston Red Sox used deferred payments in signing free agent Alex Bregman to a three-year, $120 million deal this month. Half of the contract is deferred, which helps Boston float under the MLB luxury tax threshold.
“I’ve always wanted to be a little more measured in payroll growth, and then it’s never quite there,” Cohen said. “I have the ability to spend if I have to and I want to win and put the best team I can on the field. But free agency’s expensive, that’s just how it is.”
–Field Level Media
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