Baseball's newest billionaire Steve Cohen dwarfs other owners in wealth
Steve Cohen's bid to buy the Mets was approved by MLB's Ownership Committee on Tuesday, all but assuring he'll be the team's new owner.
Why it matters: Cohen's net worth ($14.6 billion) would make him the second-richest owner in American sports behind Steve Ballmer ($73 billion), while also making him wealthier than the next three richest MLB owners combined.
- That kind of money is transformative, as we've seen with Ballmer in L.A.
- Despite the NBA's salary cap, his deep pockets and willingness to pay the luxury tax have helped the Clippers build a contender, and a new privately funded arena set to open in 2024 will make L.A. even more attractive.
The intrigue: In a league like MLB, which doesn't have a salary cap, having more money than your opponents matters even more.