It was announced on Friday that the owners of Major League Baseball had voted to approve billionaire hedge fund manager Steve Cohen as the new owner of the New York Mets.
The Major League Baseball Ownership Committee has approved Cohen’s proposal to purchase 95% of the Mets. Cohen needs 23 of the 30 clubs to sign to approve the transaction.
The sale brings the value of the franchise to between 2.4 billion and 2.5 billion US dollars.
Cohen, 64, is the CEO and President of Point72 Asset Management.
The Mets’ ownership team is led by Fred Wilpen, his brother-in-law Saul Katz, and Wilpen’s son Jeff (COO of the team). After the sale, the Wilpon and Katz family will retain 5% of the team, which is expected to be completed within the next 1
Major League Baseball (MLB) Commissioner Rob Manfred said: “I extend my best wishes to Fred Wilpen, Saul Katz and Jeff Wilpen , And thank them for their long-term efforts for the Mets. In particular, we thank Fred for his decades of service to the league committee and management of the game. Said in a statement.
“On behalf of Major League Baseball, I congratulate Mr. Cohen for his approval of Major League Baseball. Steve has brought his lifelong passion for the Mets to his hometown team, and he will also be recognized by the respected baseball leader. Join. Well, I believe Steve will work hard to build a team that Metropolis fans can be proud of.”
After the collapse of Bernard Madoff’s Ponzi scheme, the team sought a minority stake of $20 million. Cohen first bought the Mets. This caused Wilps and his company. A huge loss. The proposed hedge fund manager David Einhorn’s $200 million sale of Metropolis shares failed in 2011 and the limited partnership shares were sold.
Cohen has announced that former general manager Sandy Alderson will return to the team.
New York Mayor Bill de Blasio said in a statement on Friday that the city’s legal department has completed a legal review of the proposed transaction and the city has no objection.
There is a provision in the city’s lease agreement that any new owner of the team cannot be a person convicted of a felony or organized crime. The Citi Field where the Mets compete is on urban land.
Cohen’s former company, SAC Capital Partners, pleaded guilty in an insider trading case in 2014 and paid a $1.8 billion fine. However, Cohen himself was not charged.
The Associated Press contributed to this report.