Oct 21, 2020 - Sports
Baseball's newest billionaire Steve Cohen dwarfs other owners in wealth
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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.
Go deeper:
- Meet the NL owners (Axios)
- Meet the AL owners (Axios)
