Published: Tue, September 15, 2020
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Billionaire Steve Cohen to buy New York Mets for massive sum

Billionaire Steve Cohen to buy New York Mets for massive sum

Billionaire Steve Cohen has reached an agreement to purchase majority ownership of the Mets from the Wilpon and Katz families, the team announced Monday.

For what it's worth, the deal values the Mets at approximately $2.475 billion.

The deal will require the approval of at least 23 of the other 29 team owners when Major League Baseball holds a vote, which could come at the owners' meetings in November, Newsday reported.

The Wilpon and Katz families have owned at least a portion of the Mets since 1980 and at least 50% since 1986.

Cohen also entered negotiations to buy the Mets past year, but the deal fell apart in February.

Former New York Yankee Alex Rodriguez and his pop star wife Jennifer Lopez led a group that had also made a bid for the team but last month said they were no longer interested in purchasing it, clearing the way for Cohen. He bought an 8% limited partnership stake in 2012 for $40 million. Cohen originally agreed to buy a majority stake in the Mets last December, but the initial deal fell apart after the two sides failed to agree on how quickly Cohen would assume operational control. The New York Times reported the fund was closed in 2014.

Cohen controlled SAC Capital Advisors, which in 2013 pleaded guilty to criminal fraud charges.

The 64-year-old Cohen is CEO and president of Point72 Asset Management.

The current Mets ownership group is headed by Fred Wilpon, brother-in-law Saul Katz and Wilpon's son Jeff, the team's chief operating officer.

They now have their wish, as the sale transfers one of the league's potential jewel franchises, which has been plagued by mismanagement and a propensity for public embarrassment, into the hands of an owner in far better position to leverage the financial advantage that typically comes with being a team that calls New York City home.

Wilpon led a buyout of Doubleday's shares in 2002 and became chairman and sole controlling owner.

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