Steve Cohen Buys Mets For $242 Billion

Steve Cohen NY Mets

Financial terms were not disclosed.

The sale is subject to approval by the other 29 Major League Baseball team owners; 23 votes in favor are needed.

According to Jon Heyman of MLB Network, hedge fund billionaire Steve Cohen has reached a deal with the Wilpon family to purchase the Mets. He bought an 8% limited partnership stake in 2012 for $40 million. The agreement fell apart amid concerns that Jeff Wilpon, the team's chief operating officer and the son of majority owner Fred Wilpon, wanted to enforce a clause in the contract that allowed him to remain in his current position for five years rather than treat it as an honorary role.

Fred Wilpon and team president Saul Katz, brothers-in-law in their early 80s, are selling the team as part of their estate planning.

Cohen emerged as the favorite to purchase the Mets after they entered exclusive negotiations with the Wilpons in late August after a group headlined by Alex Rodriguez and Jennifer Lopez backed out from the running.

Other bidders for the Mets included Josh Harris and David Blitzer, co-owners of the NBA's Philadelphia 76ers and NHL's New Jersey Devils. Cohen's hedge fund, S.A.C.

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

Another key hurdle has reportedly been cleared in the New York Mets' sale process. Point72 denied the allegations. While the Rodriguez-Lopez consortium said in a statement last month that it had made "a fully funded offer at a record price for the team", its admission that "they are no longer pursuing the acquisition of the team" confirmed Cohen again had the inside track.

"(M) ajor markets generally have an outsized effect on the economics of the game, and I think it's important for us to be strong in our major markets", he said at an event hosted by Hofstra University's business school on Long Island, per Evan Drellich of The Athletic. This year, with the season impacted by the coronavirus pandemic, the Mets' losses are expected to top $200 million. The Wilpons and Katz invested millions with Madoff. Wilpon has owned at least a part of the Mets since January 1980.