Steve Cohen, owner of the New York Mets, considers owning the team a philanthropic endeavor and is willing to spend to make fans happy. Outfielder Juan Soto signed a record contract worth $765 million over 15 years, with no deferred payments, making it more lucrative than past deals. Despite high taxes in New York, Soto has the potential to earn even more through opt-out clauses and increased salaries. Cohen, known for his lavish spending since acquiring the team, is credited with unlocking Soto’s contract. Despite previous disappointments, the Mets’ payroll has not translated to success, with their last championship being 40 years ago. Soto’s contract reflects the lack of a salary cap in MLB, allowing for massive deals for star players. The timing of Soto entering free agency without major competition played a role in the size of his contract. The record deal may be surpassed by Vladimir Guerrero Jr. in the future. MLB’s lack of a salary cap sets it apart from other major sports leagues, allowing for billionaire owners like Cohen to spend freely on their teams.
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Mets owner’s commitment to reinvention demonstrated by Juan Soto’s $765 million contract deal
