Steve Cohen agrees to purchase Mets for reported $2.4B fee

Ross Houston
September 15, 2020

They rejoiced less, however, when the initial sale to minority owner Steve Cohen was squashed on the one-yard line (due to disagreements over Wilpon's continued involvement, among other things) and then kicked further down the road by the pandemic.

Hedge fund manager Steve Cohen has signed an agreement to purchase the New York Mets from longtime owners Fred and Jeff Wilpon for a reported $2.4 billion after outbidding local power couple, Jennifer Lopez and Alex Rodriguez.

The Mets are valued at $2.475 billion in the deal, according to Newsday's Tim Healey. As an extremely wealthy owner, it's conceivable that there would be "fear" that Cohen would spend like insane, but (1) I don't know how likely that is, and (2) I don't know that it would scuttle the deal for a guy who is already an 8% owner.

The deal does not include the SNY regional sports network, a source told Sherman. The only step remaining would be to get the approval of 23 of MLB's 30 owners. A vote is scheduled to take place during the owners' meetings in November.

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

The assumption has been that Cohen, who is set to become the wealthiest majority owner in Major League Baseball, will drastically alter the Mets' aggressiveness on the free-agent market. Cohen has a net worth of approximately $14.1 billion.

It's been estimated that the Mets have been losing as much as $90 million annually in recent years.

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