Billionaire Steve Cohen in agreement to buy majority ownership of Mets

Mets outfielder Curtis Granderson at bat

Mets outfielder Curtis Granderson at bat

Financial terms were not disclosed.

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. Cohen will need approval from 23 of 30 owners, but reporting out there indicates that's likely to come.

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

"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. But, after submitting a $2.6 billion bid in late 2019, according to multiple reports, the Long Island native reduced his offer to $2 billion amid disagreements with the Wilpons over Jeff's future role with the team.

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Mets fans had delighted in the possibility of Cohen, a lifelong fan of the team who stands to become Major League Baseball's richest owner, taking control of the franchise from the Wilpons, who are widely reviled by the fan base.

The emergence of Cohen as the winning bidder over a group led by Alex Rodriguez and Jennifer Lopez came days before the process was expected to conclude. A group that included owners of the NBA's 76ers and NHL's Devils also tried to buy the team.

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

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

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A spokesman for Cohen declined to comment beyond the statement. "I think that a change in ownership at the Mets is an opportunity to make that franchise as strong as it can possibly be, and I think over the long haul it'll be something that will be good for the game".

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

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

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