Mets owner Steven Cohen is threatening his underperforming team with the prospect of a trade deadline selloff unless New York gets back into contention for a playoff berth.

"All is not lost yet, but it's getting late," he said during a news conference Wednesday. "I'm preparing my management team for all possibilities. If they don't get better, we have decisions to make at the trade deadline. That's not my preferred end result. We're preparing all contingencies."