The New York Mets once again set a new payroll record, spending $333.3 million during the 2024 season, according to recently finalized figures from MLB obtained by the AP. This marks the third consecutive year the Mets have led all teams in payroll, surpassing their previous record of $319.5 million set in 2023. Since acquiring the Mets in November 2020, owner Steve Cohen has invested a total of $1.36 billion in payroll and luxury tax. Cohen has solidified himself as one of the most aggressive spenders in the league.
Mets Continue Record-Breaking Spending Under Steve Cohen
The Mets’ spending $1.36 billion in payroll surpasses the combined payrolls of the Miami Marlins ($1.34 billion), Pittsburgh Pirates ($1.32 billion) and the Tampa Bay Rays ($1.32 billion) from 2004-2024, a span of 21 seasons. The contrast highlights a massive didive between the big-market teams and small-market teams, which could become an issue as MLB approaches a potential lockout in 2026.
The aSince acquiring the club in November 2020, Cohen has spent $228.7 million in luxury tax alone, which doesn’t include the historic signing of Juan Soto to a 15-year, $765 million contract.
Along with the Mets, the New York Yankees ($310.9 million), Los Angeles Dodgers ($270.8 million) and the Philadelphia Phillies ($249.1 million) were among the top spenders in 2024. Meanwhile, the Athletics ranked last with $66.5 million spent on payroll during their final season in Oakland, an the Pirates were the second-lowest at $87.3 million.
The Arizona Diamondbacks raised payroll by $48 million from 2023, according to the report, the biggest jump in the league in 2024. Arizona finished ahead of the $34 million added by the Chicago Cubs.
By contrast, the San Diego Padres slashed payroll by $85 million, the biggest reduction in baseball. It came after the death of former owner Peter Seidler. The Los Angeles Angels ($51 million) and Minnesota Twins ($34 million) round out the top three payroll cost-cutters when compared to 2023.
Main Photo: © Brett Davis-Imagn Images
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