Steve Cohen: Mets Exceeded Projected Payroll Growth This Offseason

PORT ST. LUCIE, Fla. — New York Mets owner Steve Cohen admitted he didn’t anticipate maintaining such a high payroll for the 2025 season.

Cohen acknowledged that he had a specific payroll target in mind for this year, but the Mets exceeded expectations during a winter that featured a staggering $765 million deal for star slugger Juan Soto—marking the largest contract in sports history.

“I’ve always wanted to approach payroll growth with a more measured strategy, yet we reached that point, and it’s consistently higher than expected,” Cohen shared on Tuesday at Clover Park, the Mets’ spring training facility. “Navigating free agency is even pricier than anticipated.”

Currently, New York’s luxury tax payroll is around $330 million, which is approximately $90 million over the initial luxury tax threshold. Consequently, the Mets are likely facing substantial luxury tax liabilities, estimating around $75 million this year.

“I’d like to stay under what is now referred to as the ‘Cohen Tax,’” Cohen remarked, referencing the additional surcharge introduced during the last collective bargaining agreement. Exceeding $60 million over the initial luxury tax threshold incurs a 110 percent tax for repeat offenders like the Mets.

“No one is eager to pay that tax. They are quite steep,” Cohen added.

As he has in past discussions, Cohen reiterated the necessity of enhancing the Mets’ talent development system within the minor leagues, ensuring greater roster cost control. This season, the organization has over $280 million allocated to guaranteed contracts.

Cohen humorously noted, “I’m a bit of a lightweight compared to the Dodgers.”

The Los Angeles Dodgers currently feature a luxury tax payroll that is around $60 million higher than that of the Mets, and they anticipate paying over $140 million in tax fees alone.

“The Dodgers have effectively built an impressive business model with revenues that significantly outpace most other teams, providing them with opportunities that might not be feasible for others,” Cohen stated, giving credit to the L.A. organization. “Kudos to them.”

Cohen, alongside the Athletics’ John Fisher, has recently joined the league’s executive council, taking over the spots of Philadelphia’s John Middleton and Kansas City’s John Sherman. When asked about the upcoming collective bargaining discussions set for the 2027 season, Cohen chose to stay focused on the present.

“My focus is on 2025. Many things can shift between now and then,” he expressed. “As I familiarize myself more, my understanding will deepen.”

When questioned about whether he would accept a salary cap that limited his spending, he responded, “I’ll compete regardless of the circumstances.”

There may be another chance for Cohen and the Mets to pursue a young slugger next winter. Toronto’s Vladimir Guerrero Jr. announced on Tuesday that he and the Blue Jays were unable to finalize a long-term contract extension, making him a free agent after this season.

In response to inquiries about potentially targeting Guerrero, Cohen commented, “He’s an exceptional player. I’ll consider that next year. It’s important not to overload on long-term contracts, as that can restrict roster flexibility. Careful planning is essential, but ultimately, I trust my baseball team to make those decisions.”