Despite the considerable financial gap between Steve Cohen and the Steinbrenner family, the Yankees remain confident in their ability to compete for top-tier free agents. During the GM meetings on Tuesday, Yankees General Manager Brian Cashman discussed the looming competition from the Mets in the pursuit of Juan Soto.
Cashman appeared unfazed by Cohen’s substantial financial advantage, even responding to questions on the matter with a touch of humor. He outlined the complexities of the current baseball market, emphasizing that landing marquee players isn’t solely the domain of teams in wealthy markets. He pointed to the San Diego Padres as an example of a smaller-market team that has successfully secured top talent with hefty contracts. The Yankees GM noted that competition for elite players comes from all corners of MLB, underscoring the need for teams to stay adaptable and vigilant.
“That is just the nature of the beast,” the Yankees boss said. “[But] big-market owners with deep pockets aren’t the only ones signing players to big deals. You have seen the San Diego Padres sitting out on the west coast, they have imported a lot of big-time players and big-time contracts and outcompeted teams of interest for, so it comes in various forms, in various cities at various times. The market this time of year is coming this strong from all different aspects of the baseball universe, so we have to do our best to compete with whomever on a year-in and year-out basis.”
The financial contrast between the Yankees and Mets is stark when examined through Forbes’ valuations: Cohen’s net worth is estimated at $21.3 billion, while the Steinbrenner siblings each hold about $1.5 billion. This difference is particularly relevant with Soto, 26, who is expected to seek a contract that could approach $600 million.
When asked directly about the Mets’ potential involvement in Soto’s free agency, Cashman acknowledged their strong position as a big-market team aiming to build on recent achievements. He noted that their approach aligns with other franchises determined to add premier talent and bolster their rosters for a title run. According to the Yankees general manager, this is simply part of the competitive landscape that any serious contender faces.
“They want to win,” the Yankees GM said. “They are in a large market with us, had a taste of success this year and they want to move the needle even more forward. The best way to do that is import quality players to what you already have. That is what we, they and anybody interested in winning, being the last team standing — that is what it’s all about, trying to find great players and add it to your mix.”
Cashman’s comments underscored that financial strength, while crucial, is only one component in the multifaceted race to acquire baseball’s best players, with competitive dynamics extending beyond just wealth and the Yankees are going to play it.
History shows that even immense financial resources don’t guarantee success in player pursuits, a reality highlighted by recent Mets experiences. Despite team owner Steve Cohen’s significant wealth, the Mets played a minimal role in Shohei Ohtani’s free agency last winter, understanding his preference for the West Coast before he agreed to a $700 million, deferred contract with the Dodgers. Similarly, their substantial bid for Yoshinobu Yamamoto ultimately became leverage for his 12-year, $325 million deal with the Dodgers.
Turning to Juan Soto, who was a major force in the Yankees’ World Series run with 41 home runs and a .989 OPS, General Manager Brian Cashman has begun efforts to keep the star. On Tuesday, Cashman confirmed he had discussions with Soto’s agent, Scott Boras, about a potential extension, stating the team’s readiness to make a competitive offer. Still, he indicated that the Yankees were prepared to explore other avenues to strengthen their roster if Soto’s retention fell through. Cashman emphasized that returning to the World Series remained the primary focus, with multiple strategies in place to achieve that goal.
The New York Post reported that the Mets have shown early interest in Soto following the Yankees‘ World Series loss to the Dodgers. However, Mets president of baseball operations David Stearns has refrained from making public comments about their pursuit of the outfielder.
When discussing potential next steps, Cashman expressed uncertainty about in-person meetings with Soto but indicated that the team remains open to more discussions. He pointed out Soto’s firsthand familiarity with the organization and noted that the outfielder’s varied experiences with teams like San Diego, Washington, and New York give him a unique viewpoint. The Yankees, Cashman said, are willing to accommodate whatever level of engagement Soto finds necessary as he weighs his options.
“If we can’t [retain Soto], there’s a lot of different players in this marketplace that can positively impact this roster in different ways,” Cashman told. “We want to explore any way possible to put together the best team we can for 2025 because we want to get back to where we just finished, which was in the World Series.”
Soto sweepstakes a two-horse race between Yankees and Mets
Baseball analysts anticipate an intense bidding contest between the Yankees and Mets for Soto’s signature. While several teams including the Phillies, Dodgers, Giants, and Nationals might explore possibilities, baseball insiders strongly believe Soto’s future lies in New York.
Sources suggest Soto’s preference leans toward remaining on the East Coast, potentially creating challenges for West Coast organizations like the Dodgers. Sources indicate the Phillies plan to pursue the four-time All-Star, banking on the allure of reuniting with former Nationals teammates Bryce Harper, Trea Turner, and Kyle Schwarber, along with hitting coach Kevin Long. However, Soto’s successful 2024 campaign with the Yankees, which included a World Series appearance, may influence his decision.
MLB.com insider Mark Feinsand reported the competition for Soto has effectively narrowed to a New York-exclusive battle. A high-ranking American League executive confidentially shared with Feinsand that the race would likely be limited to the Yankees and Mets, citing Soto’s familiarity with the Yankees organization and Steve Cohen’s financial capacity to meet any price point.
“It’s the Yankees or the Mets,” Feinsand wrote citing an MLB executive. “He (Soto) knows the Yankees well after spending a year there, and Steve Cohen has enough money to give him whatever he wants if he decides he wants him badly enough. It’s tough for me to see Soto winding up anywhere else.”
This assessment from an American League executive adds substantial weight to the prevailing industry speculation about Soto’s destination being confined to New York’s two baseball franchises.
Additional market developments suggest potential crosstown movement, with reports indicating Yankees’ interest in Mets first baseman Pete Alonso to address their first base vacancy, though the Mets remain committed to retaining their slugger.
Both New York organizations possess the financial resources and organizational infrastructure to accommodate Soto’s requirements and aspirations, setting the stage for an intriguing offseason battle.
Recent developments reveal that Yankees General Manager Brian Cashman has initiated contact with agent Scott Boras, expressing openness to unlimited meetings with Soto if deemed necessary. However, given Soto’s recent experience with the organization, the financial package appears to be the primary focus of negotiations rather than organizational familiarization.
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