The full salaries of New York Mets employees will be reinstated effective Nov. 1, Sportico reported Friday.
Citing financial losses stemming from the COVID-19 pandemic, the Mets reduced employee pay. But billionaire hedge fund manager Steve Cohen, whose nearly $2.5 billion purchase of the team is expected to be approved this fall, has given the OK to restore full salaries, according to the report.
The current owners, the Wilpon family, slashed salaries beginning June 1, reducing pay from 5 percent to 30 percent, depending on how much an employee earned. The reduction in pay applied to full-time employees. It was unclear whether they would be compensated for lost pay.
The Mets also laid off 25 employees earlier this year.
MLB owners have yet to vote on adding Cohen into their ranks, which will require the approval of 23 of the league’s 30 owners. If approved, he will own 95 percent of the team, with the Wilpons retaining 5 percent.
Also if completed, the sales transaction would be the richest for a North American sports franchise. Joseph Tsai bought the NBA’s Brooklyn Nets for $2.35 billion in 2019, and another hedge fund manager, David Tepper, paid $2.275 billion for the NFL’s Carolina Panthers in 2018.
Sportico said the losses for the Mets this year could reach $200 million. The Mets finished 26-34 on the shortened 2020 season, tied for last place in the National League East.
