When Steve Cohen plunked down $2.4 billion for the NewYork Mets in late 2020, outgoing owner Sterling Equities hung on to 5% of the MLB team.
Saul Katz and Fred Wilpon of the New York Mets pose with the NLCS trophy after defeating the Chicago Cubs in game four of the 2015 MLB National League Championship Series at Wrigley Field on October 21, 2015 hen Steve Cohen plunked down $2.42 billion for the New York Mets in late 2020, outgoing owner Sterling Equities hung on to 5% of the MLB team.
The Mets are now worth $2.9 billion, $480 million more than what Cohen paid for the team. The capital gains tax rate is 20%. But it’s likely that a portion of the gain would be taxed at ordinary income rates since the Mets, like any partnership, probably have some so-called"hot assets," i.e., unrealized receivables, on their tax balance sheet. For example, broadcast contracts and even player contracts, to the extent they are being amortized, would be unrealized receivables.
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