Steve Cohen, owner of the New York Mets, sees owning the team as a philanthropic endeavor and a civic responsibility, which has allowed him to secure outfielder Juan Soto to the richest contract in baseball history. Soto’s deal with the Mets is worth $765 million over 15 years, without any deferred payments, setting it apart from previous deals in the league. Soto has the potential to earn even more money, with the ability to opt out of his contract after five years. Cohen’s willingness to spend on top players has made the Mets one of the highest-spending teams in baseball, despite not achieving significant success on the field.
The Mets have struggled in recent years, with Cohen acquiring the team five years ago and investing heavily in player salaries. However, they have not won a championship in four decades. Despite the hefty payroll, the Mets have faced disappointing playoff exits and have failed to win the World Series. Soto’s signing represents a significant investment in the team’s future success, as he is seen as a young talent with the potential to become a legendary player in the league.
With no salary cap in place, Major League Baseball allows teams with wealthy owners to spend as much as they want on player contracts, leading to massive deals like Soto’s. The lack of a salary cap also means that other players, like Vladimir Guerrero Jr., could potentially surpass Soto’s contract in the future. The baseball market continues to see record-breaking deals due to the absence of financial restrictions, making it an attractive league for top players and wealthy team owners.
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