Steve Cohen, owner of the New York Mets, views owning the team as a philanthropic endeavor and is willing to spend whatever it takes to make fans happy. This mindset led to outfielder Juan Soto signing a record-breaking contract worth $765 million over 15 years, with no money deferred. While Soto’s ultimate payout may be reduced due to high tax rates in New York, he has the potential to earn even more through opt-out clauses and salary increases in his contract.
Cohen, who purchased the Mets in 2020, has been a spendthrift owner, consistently holding the largest annual payroll in baseball. Despite previous disappointments and playoff losses, Cohen’s approach to spending big on top players seems to be paying off. Soto’s contract reflects Cohen’s commitment to securing top talent for the team and making a splash in the competitive world of baseball.
The Mets’ willingness to offer such a massive contract to Soto also reflects the lack of a salary cap in MLB, allowing owners to spend as much as they want on players. This has led to a trend of multi-million dollar contracts being signed by top players, with more expected in the future. Despite facing competition from other teams like the New York Yankees, the Mets are positioning themselves as a top contender with players like Soto on their roster.
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