Get the latest market trends in your inbox
Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul
Tampa-St. Petersburg news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg
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)