“I have this other job that I make a reasonable living from. So I had a real opportunity to take on a project that was going to take up some of my time, but if I was successful, I was going to make millions of fans happy.”Ĭohen glanced toward his position board on the wall. “It’s a special property,” he said of his team. Four other screens on the wall were set up to display data on the markets, including a position board listing his stocks. As we talked baseball, Cohen’s pale-blue eyes kept darting to the open laptop in front of him. He had on the same outfit he wears to work most days at his asset-management firm, Point72, a collared shirt beneath a light-blue zip-up sweater with the Mets logo embroidered on its breast. “I don’t know how it started, but I think it’s endearing,” Cohen said one foggy morning in late October in his office, which overlooks the Long Island Sound and is decorated with pieces from his world-class art collection. Some fans took to calling him “Uncle Steve,” a nickname that seems to please the proprietor. At 67, Cohen, a Stamford-based hedge-fund manager, has $14 billion according to Bloomberg, or maybe $19 billion if you believe Forbes, but at any rate, a whole lot of money - seemingly more than enough to procure a championship. The ecstatic Mets nation treated the richest man in baseball like he was a free-spending folk hero. When he purchased the New York Mets in 2020 for a record-setting price of $2.4 billion, Cohen promised to restore his favorite team from childhood to glory, saying he would be disappointed if he did not bring it another World Series within “three to five years.” He then assembled the highest-paid roster in baseball history.

Cohen might have been parading down the Canyon of Heroes this month. If everything had gone according to plan, Steven A. And what other trophy asset can end up yielding an actual trophy? An owner gets to play fantasy in real life, going to work at a park. If his dad had never bought the Knicks and the Rangers, Jim Dolan would just be an angry guy who used to own a cable company.

Thus, a shipbuilder and Watergate bit player named George Steinbrenner could take over the Yankees and turn himself into The Boss. By buying a team, an owner can reveal their inner winner - or make people forget how they made all that money in the first place. If you happen to have the billions it takes to acquire one, you presumably have a near-infinite number of ways to spend your money. To its owner, a sports team is more than just a plaything.

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