This year, New York Mets owner Steve Cohen made headlines by framing his stewardship of the team as a philanthropic effort, emphasizing his commitment to bringing joy to fans rather than focusing solely on costs. This approach is reflected in his substantial investments in players, most notably in the record-breaking contract signed by outfielder Juan Soto.
Soto, a 26-year-old from the Dominican Republic, recently agreed to a staggering 15-year deal worth $765 million, which includes an impressive $75 million signing bonus. The contract’s total can climb to over $800 million, marking it as one of the most lucrative in professional sports history. Uniquely, the deal requires full payment of the contract’s terms without any deferrals, a factor that heightens its significance compared to last year’s $700 million contract signed by Shohei Ohtani, which includes substantial deferred payments.
However, due to New York’s steep personal income taxes, Soto’s take-home earnings may be lower than the contract’s headline figure. Still, he has the opportunity to opt out after five years if he feels he can secure a better deal, unless the Mets decide to increase his annual salary to $55 million in the last decade of the contract.
Steve Cohen has positioned the Mets as formidable spenders in Major League Baseball, having consistently maintained the largest payroll since taking over the team in 2023. Despite heavy investments, the Mets have struggled to translate these expenditures into championship success, with the last World Series title dating back to 1986. Fans are hopeful that Soto’s arrival, combined with Cohen’s willingness to spend, will finally bring a competitive edge to the team.
Soto’s timing in signing his record-setting contract during a year with few other major free agents amplified his marketability. Analysts suggest that while Soto’s record could potentially be eclipsed by other players in the near future, the absence of a salary cap in Major League Baseball continues to create opportunities for extravagant contracts.
Overall, this development not only underscores the financial power and ambition of the Mets under Cohen’s leadership but also raises the possibility of positive change for the franchise, renewing fan hope for a championship future.