The New York Mets have once again rewritten the record books, topping Major League Baseball in payroll for the third consecutive season. According to newly finalized figures obtained by the Associated Press, the Mets shelled out an astonishing $333.3 million during the 2024 season, surpassing their own previous record of $319.5 million set just a year earlier.
Since taking ownership of the franchise in November 2020, Steve Cohen has spent a staggering $1.36 billion on payroll and luxury tax combined, cementing his reputation as one of the most aggressive spenders in baseball.
Cohen’s Unmatched Spending Outpaces Entire Franchises
To put Cohen’s deep pockets into perspective, the Mets’ payroll expenditure since 2020 exceeds the total payrolls of the Miami Marlins ($1.34 billion), Pittsburgh Pirates ($1.32 billion), and Tampa Bay Rays ($1.32 billion) over the past 21 seasons combined. This stark financial gap between large- and small-market teams is becoming increasingly pronounced, raising concerns as MLB inches closer to a potential lockout in 2026.
Cohen’s financial commitment extends far beyond payroll. The Mets owner has paid $228.7 million in luxury tax alone a figure that doesn’t even include his historic 15-year, $765 million contract with superstar Juan Soto.
MLB’s Biggest Spenders and Cost-Cutters in 2024
While the Mets led the league in payroll spending, they weren’t alone in their high-priced pursuit of success. The New York Yankees ($310.9 million), Los Angeles Dodgers ($270.8 million), and Philadelphia Phillies ($249.1 million) rounded out the top-spending teams. On the other end of the spectrum, the Oakland Athletics spent the least at $66.5 million in their final season before relocating, with the Pittsburgh Pirates close behind at $87.3 million.
One of the biggest payroll increases came from the Arizona Diamondbacks, who boosted spending by $48 million from 2023 the largest jump in the league. The Chicago Cubs followed with a $34 million increase.
Meanwhile, the San Diego Padres made the most dramatic payroll reduction, slashing costs by $85 million following the passing of former owner Peter Seidler. The Los Angeles Angels ($51 million) and Minnesota Twins ($34 million) also made significant payroll cuts compared to 2023.
With Cohen’s relentless spending spree showing no signs of slowing, the Mets remain at the forefront of baseball’s financial arms race raising questions about how MLB’s economic landscape will evolve in the coming years.
