The New York Mets extended their run as baseball’s world champion of payroll, according to salary data obtained by The Associated Press. The franchise, owned by hedge fund billionaire Steve Cohen, ranked No. 1 in player spending for the third consecutive season in 2024.

The Mets completed their payroll three-peat by spending $333.3 million last season, according to figures recently finalized by Major League Baseball and obtained by the AP, surpassing their own record set in 2023 when they spent $319.5 million. In total, Cohen has spent $1.36 billion in payroll and luxury tax since buying the club four years ago.

According to the AP, the Mets’ $1.36 billion in spending from 2021 to 2024 outpaced what the Miami Marlins ($1.34 billion), Pittsburgh Pirates ($1.32 billion) and Tampa Bay Rays ($1.32 billion) spent on payroll from 2004 to 2024, a span of 21 seasons. Those figures underscore what’s expected to be a major issue as the sport lurches toward a potential lockout in 2026 — the gulf between big-market spenders and small-market clubs.

Since acquiring the club in November 2020, Cohen has spent $228.7 million in luxury tax alone. The figures don’t include what the team spent this offseason, which was highlighted by signing Juan Soto to a record 15-year, $765 million contract.

The New York Yankees ($310.9 million), Los Angeles Dodgers ($270.8 million) and Philadelphia Phillies ($249.1 million) joined the Mets at the top of last year’s payroll leaderboard, with L.A. winning its first full-season World Series since 1988. The Athletics ranked last with $66.5 million spent in payroll during the franchise’s final season in Oakland; the Pirates ranked No. 29 in payroll 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) rounded out the top three payroll cost-cutters when compared to 2023.