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In One Stadium Move, Cohen Saves The Mets More Than $200M

Nov 3, 2023

New York Mets owner Steve Cohen is well known for his unprecedented spending on players and league-leading personal wealth. But he’s also managing to save the club significant sums of money.

Cohen’s Mets — who fielded a MLB-record $344 million payroll this year, and led by his estimated $19.8 billion net worth — are reaping major benefits from a 2021 refinancing of bonds funding the construction of 14-year-old Citi Field, which was publicly owned and now also owned by Cohen.

The refinancing infused $50 million into the balance sheet for the stadium bonds. It also lowered interest rates from a prior range of 4.3-6.5% to a new one of 2-5%, reducing annual payments and yielding more than $200 million in total savings between now and 2046.

Source: Front Office Sports

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