KANSAS CITY, MISSOURI – AUGUST 02: Owner Steve Cohen of the New York Mets talks with members of the media prior to a game between the New York Mets and Kansas City Royals at Kauffman Stadium on August 02, 2023 in Kansas City, Missouri. (Photo by Ed Zurga/Getty Images)
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The New York Mets haven’t been shy about committing to leading payrolls under billionaire owner Steve Cohen. But after going all-in last winter and then failing to make the playoffs this past season, the losses appear to be adding up.
The Mets were reportedly the leaders in financial losses among Major League Baseball franchises as the league overall lost an eye-catching sum despite some record-setting financial successes this year.
“MLB has privately told owners that teams lost $1.8 billion last year, led by the New York Mets with about $350 million in losses,” Bob Nightengale reported for USA Today.
The Mets’ player salary commitment is the primary driver of the losses. The team ranked second in all of MLB with a $342 million payroll for 2025. The third place team, the Phillies, had a $293 million payroll and lost about $85 million this past year, according to Nightengale.
The Los Angeles Dodgers, which had a $350 million payroll for 2025, was able to offset more of their losses with attendance revenue and ad revenue, with sponsors eager to associate themselves with two-way Japanese superstar Shohei Ohtani.
However, with MLB attendance increasing and sponsorship revenue growing to record-setting levels across the board, it may come as a surprise to hear that the league lost so much money.
“Brands are responding to this resurgence in interest, with MLB just the second North American sports league to exceed U.S. $2 billion in team sponsorship revenue after the National Football League,” SportsPro reported. “The league accumulated a record 17.8 billion views on its social media accounts, a 20 percent increase on last year.”
Nightengale noted that the financial losses are measured in “paper money” only, and that the $1.8 billion figure does not really account for the growth that franchise owners are enjoying.
“It doesn’t reveal the financial growth in franchise value, record revenues, or that (Cohen) is worth $21 billion,” he added.
Still, given their nine-figure losses for the year, the Mets could reconsider their team-building strategy. Five years after he took over, Cohen’s willingness to top the list for financial commitments in the sport has yet to produce a World Series championship. And in the first year of a record-setting, $765 million contract for Juan Soto, the team took a major step back in contention.
That could be enough to force a more frugal approach from the Mets this winter. But, given Cohen’s history, fans shouldn’t count on it.