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Report: Steve Cohen To Buy Majority Stake Of The New York Mets

Report: Steve Cohen To Buy Majority Stake Of The New York Mets

The family that owns baseball's New York Mets are in talks to sell up to 80% of the team to minority owner and hedge fund manager Steve Cohen in a transaction that would value the team at a baseball-record $2.6 billion.

Bloomberg reported the team's main owner, Fred Wilpon, would stay in his role for five years until Cohen would take over control of the team. Cohen already is an investor in the Mets, but would increase his stake considerably under the deal.

The Mets confirmed the talks, though not all the details.

Wilpon's son Jeff will continue to be the team's chief operating officer in the five-year period until Cohen takes over the larger stake, the report said. After Cohen takes control in five years, the Wilpon family would still retain some stake in the franchise.

What To Know About Steve Cohen

Cohen, 63, is the CEO of Point72 Asset Management, and has a net worth of about $13 billion.

He pleaded guilty in 2013 to insider trading and agreed to pay $1.8 billion in fines in one of the biggest criminal cases against a hedge fund.

Cohen bought a small share of the team in 2012 when the Wilpons were facing financial troubles after losing money in Bernie Madoff's Ponzi scheme. Cohen paid $20 million for his share at the time, according to The New York Times.

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Posted-In: Fred Wilpon Major LEague Baseball New York Mets Steve CohenHedge Funds Sports Media General Best of Benzinga


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