Billionaire Steve Cohen Agrees to Buy New York Mets

Billionaire Steve Cohen Agrees to Buy New York Mets

The deal that failed to close would have seen him acquire an 80% controlling share in a transaction that valued the team at $2.6 billion. The limited partnership shares were sold after a proposed $200 million sale of a stake of the Mets to hedge fund manager David Einhorn fell through in 2011.

Billionaire hedge fund manager Steve Cohen has agreed to purchase the New York Mets from the Wilpon and Katz families, the team announced on Monday.

"I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets", Cohen said in the brief statement. An on-again, off-again discussion with Cohen's group finally began to pick up steam once and for all on August 28, as both sides hoped to salvage a deal after a previous agreement to buy the team fell apart.

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. He is now poised to become baseball's richest owner.

His primary competition for the team this summer was a group fronted by former baseball superstar Alex Rodriguez and entertainer Jennifer Lopez. A group that included owners of the NBA's 76ers and NHL's Devils also tried to buy the team.

In 2018, Cohen's investment firm, Point72 Asset Management, was sued for discrimination against women.

Cohen controlled SAC Capital Advisors, which in 2013 pleaded guilty to criminal fraud charges. The plaintiff, company executive Lauren Bonner, also claimed a hostile work environment.

A spokesman for Cohen declined to comment beyond the statement.

"(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.

Fred Wilpon and his brother-in-law, Saul Katz, purchased their first stake in the team in 1980.

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