Steve Cohen Buys Mets For $242 Billion

Steve Cohen Buys Mets For $242 Billion

Cohen now owns 8% of the team.

After the franchise spoke with several potential suitors, Cohen, a hedge fund manager and native of NY, entered exclusive negotiations to buy the Mets last month.

According to Jon Heyman of MLB Network, hedge fund billionaire Steve Cohen has reached a deal with the Wilpon family to purchase the Mets.

Cohen, 64, previously had come to terms on a deal to buy a controlling share of the Mets at a $2.6 billion valuation.

The final sale price is thought to be between $2.4 billion and $2.45 billion, sources told Joel Sherman of the New York Post. The agreement purportedly values the franchise at $2.42 billion, which would establish a new Major League Baseball record.

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

The Mets announced Monday that their parent company, Sterling Equities, has reached a purchase agreement with minority shareholder Steve Cohen that would make Cohen the club's majority owner.

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.

When Doubleday & Co. was sold to the media company Bertelsmann AG in 1986, the publisher sold its shares of the team for almost $81 million to Fred Wilpon and Nelson Doubleday, who became 50-50 owners. A group that included owners of the NBA's 76ers and NHL's Devils also tried to buy the team.

The Mets reportedly have been losing tens of millions of dollars a year after landing in dire financial straits following the Bernard Madoff Ponzi scheme scandal.

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