Steve Cohen won the vote and became the next boss of the Mets.
The hedge fund billionaire won 75% of the votes necessary for all Major League Baseball owners last Friday and completed the $2.4 billion deal with Fred Wilpen and Sol Katz, becoming the Major shareholder and controller of the team. Soon after the news broke, Mayor Bill de Blasio declared New York City “no objection.” So Cohen, 64, cleared the last two obstacles.
The Post recently reported that De Blasio has been looking for loopholes in the law to stop Cohen.
Cohen has been approved by an eight-man ownership committee chaired by Philly’s John Middleton. Before ordinary members vote on Friday, Cohen̵
One of the problems Cohen faced was that his former hedge fund SAC Capital Advisors pleaded guilty to charges against insider traders and was fined $1.8 billion. Cohen was condemned by the U.S. Securities and Exchange Commission (SEC) and banned from managing external funds for two years. Cohen’s company Point72 faces a sex discrimination lawsuit against a female employee, which alleges that her salary is unfair and that there is a sexist work environment. The case was settled out of court.
After growing up as a Metropolis fan on Long Island, Cohen’s net worth is estimated to reach $14 billion, and he is expected to invest heavily in a team that has faced financial constraints in recent years.
Wilpen and his brother-in-law Katz became the sole owners of the Mets after buying 50% of Nelson Doubleday’s shares in the team. Wilpon and Katz invested heavily in Bernie Madoff. Bernie Madoff was arrested in 2008 for implementing a Ponzi scheme, which made the club’s financial The situation is in trouble.
Cohen became a minority partner in 2012 and entered into exclusive negotiations to buy the club last winter, but the deal broke down due to disagreements over the future role of the team’s chief operating officer Jeff Wilpon in the organization. The original agreement required Wilpen to retain his title for five years.
The Mets continued to sell due to the suspension of the baseball pandemic, and a group led by Alex Rodriguez and Jennifer Lopez pushed forward the purchase. Another group led by 76ers and Devils managing partners David Blitzer and Josh Harris also appeared. The final bid was submitted in August, when Cohen entered into exclusive negotiations again to buy the team. The transaction does not include SNY.
Cohen told his colleagues that he expects the Mets to lose about $400 million in their first two years as new owners.