Thanks to the astronomical amount of money spent this offseason, many baseball fans have been left wondering who is the wealthiest owner in MLB. Based on the amount spent by the New York Mets, it may not be shocking to find out that Steve Cohen is by far the wealthiest owner in the MLB.
It has been an offseason to remember for the New York Mets, who have spent more than $800 million on free agents. The $806 million spending spree from owner Steve Cohen included Justin Verlander, Carlos Correa, Edwin Diaz, and Brandon Nimmo.
Cohen has shown his commitment to bringing the New York Mets their first World Series title since 1986 by signing some of the top available free agents on the open market. While he will foot a $111 million luxury tax bill, Cohen and the Mets have shown the Mets’ fan base their desire to win.
“What Steve Cohen has done — committing many hundreds of millions of dollars to improve his team — makes it impossible for his fellow owners to cite financial challenges and be taken seriously. (The best example: The Red Sox.)” – Buster Olney
The New York Mets owner has a current estimated worth of $17.5 billion, the next wealthiest owners/ownership groups are Rogers Communications (Toronto Blue Jays) at $11 billion and John Malone (Atlanta Braves) who has an estimated net worth of $6.6 billion.
How did the wealthiest owner in the MLB earn his fortune?
Steve Cohen has a current estimated worth of $17.5 billion thanks to his history as a hedge-fund manager. He is the founder of hedge fund Point72 Asset Management, as well as the now-closed SAC Capital Advisors.
Point72 does the majority of its investments in various industries such as fintech, machine learning, artificial intelligence, cyber-security, and core-enterprise companies.
“Steve Cohen is about 3 times as wealthy as the 3rd wealthiest owner in the mlb. I hope you’re right, but that’s a pretty big disparity.” – Jim Dandy
Cohen received an economics degree from the Wharton School at the University of Pennsylvania in 1978. In 1992, Cohen started SAC Capital Advisors, which he was a part of until 2016. In 2013, SAC Capital Advisors pleaded guilty to insider trading and were required to pay $1.8 billion in penalties.
In 2014, Cohen founded his current company Point72 Ventures, whose top holdings are Biogen Inc, SPDR S&P 500 ETF Trust, T-Mobile Us Inc, Alibaba Group Holding Limited ADR, and AstraZeneca Plc.
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