To justify the team's $3 billion valuation, he's looking to also purchase the team's cable network, SNY. Current Mets owners Jeff and Fred Wilpon own 65 percent of the network.
"Cohen wants SNY, and he wants it at fair value," a source told McEnery. "The team loses $50 million a year in a good year, so he wants SNY's revenue, and he might pay a small premium to never have to deal with Fred and Jeff [Wilpon] ever again."
"I'm very disappointed we couldn't work out a deal," Cohen said in a statement after the deal broke apart, per Tim Healey of Newsday. "But as an 8 percent holder, I'm looking forward to a higher bid for the team."
While the two sides had initially agreed on a five-year transition period, the Wilpons wanted to maintain team control beyond the 2024 season and wanted to extend their control of SNY beyond the current 20-year rights deal, per Deesha Thosar of the New York Daily News.
Daniel Kaplan of The Athletic reported Wednesday that SNY is now "available if a bidder is interested."
It appears Cohen will continue to bid for the Mets, although McEnery noted the animosity between him and the current owners might prevent a deal from ever getting completed.