Billionaire Steve Cohen in agreement to buy majority ownership of Mets

New York Mets fortunes may change as Jewish billionaire Steve Cohen buys team

Billionaire hedge fund manager Steve Cohen, who closed on a deal to buy the New York Mets on Monday, has one more item on his shopping list: SNY, the cable television home of the franchise. Cohen now owns 8% of the team. 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.

MLB Network's Jon Heyman was the first to report the sale, which, according to Joel Sherman of the New York Post, is a record for a North American sports franchise. The MLB record is held by the Los Angeles Dodgers, whose current ownership group purchased the team for $2.15 billion, notes Soshnick. The sale transaction is subject to the approval of the Major League Baseball club owners. 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. At least 23 owners would have to vote in favor of Cohen taking control of the Mets in order for the deal to be finalized. Cohen's net worth is estimated to be $14 billion. His primary competition for the team this summer was a group fronted by former baseball superstar Alex Rodriguez and entertainer Jennifer Lopez.



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