DALLAS – Hal Steinbrenner said he heard fans. He ventured beyond his comfort zone. He channeled his late father’s desire to pursue the best of the best, costs be damned.
In the end, it wasn’t enough. Not for Juan Soto.
The Yankees lost the generational hitter to their not-so-little-anymore brothers on Sunday night, as Soto kicked off the Winter Meetings by agreeing to a 15-year, $765 million deal with the Mets. Already the largest contract in professional sports history, the pact can reach $805 million if Soto opts out after the fifth season and the Mets void that decision by increasing the superstar’s average annual value from $51 million to $55 million.
The gargantuan contract, which comes with a $75 million signing bonus, doesn’t include any deferrals, either. As if Steve Cohen, the Mets’ hedge fund managing owner, needed any to get this deal done.
From the moment the Yankees’ acquired Soto from the Padres a year ago, many pegged the Mets as favorites for the generational hitter in free agency thanks to baseball’s richest owner. Cohen’s ability and willingness to blow away any rival offer loomed large over the slugger’s sweepstakes, which also included the Red Sox, Blue Jays and Dodgers after Soto enjoyed the best year of his career in the Bronx.
The Yankees reportedly ended up at 16 years and $760 million, a seismic offer in its own right after Steinbrenner declared, “I’ve got ears. I know what’s expected of me,” last month.
While the full structure of the Yankees’ final bid isn’t known, The Athletic reported that they upped their offer from 15 years, $712.5 million on Sunday evening after Soto’s agent, Scott Boras, informed them they were behind the competition. Per New York Post’s Joel Sherman, the Yankees offered a $60 million signing bonus. SNY’s Andy Martino added that their proposal didn’t include deferrals.
Cohen, worth an estimated $21.3 billion, ultimately won the first true bidding war between the crosstown rivals since he took over the Mets in 2020. The owner’s wealth has steadily improved his club’s standing over the years, but landing Soto sent shockwaves through a city that has traditionally come to know the Yankees as The Evil Empire and the Mets as dysfunctional.
For Steinbrenner, often viewed as less urgent, aggressive and invested in the Yankees than his dad, it was a valiant effort. And yet, he must now reckon with the fact that Cohen is the heir apparent to George Steinbrenner’s legacy of sparing no expense and getting what he wants.
Steinbrenner shouldn’t feel bad about his efforts for Soto specifically, but one has to wonder how he feels about being at the helm as the dynamics of New York City baseball change around him. For most of the Mets’ existence, they’ve been a sideshow, but that’s no longer the case. Meanwhile, the Yankees’ imperialistic reputation has taken a hit under The Boss’ son over the years, even as Steinbrenner has routinely financed some of baseball’s highest payrolls.
Perhaps some shame or embarrassment comes with the changing perceptions of both clubs on a personal level, but Steinbrenner isn’t his dad, who used to think spring training games against the Mets were must-win affairs and would surely be seething right now. There’s a better chance the younger Steinbrenner just sees this as business that didn’t get done, and it’s on to the next potential deal with plenty of holes to fill on the Yankees’ roster.
Regardless of how Steinbrenner internalizes the altered landscape, Cohen has made it clear that the Mets are no longer the city’s second-class citizens. Gone are the days of the Wilpons’ frugality.
There are two giants in town now, and the Mets are standing taller after prying Soto from the Yankees.
