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Reports: Cohen in talks to acquire Mets' controlling share

Reports: Cohen in talks to acquire Mets' controlling share
Image Credit: Twitter (@Mets)

The New York Mets' owners are negotiating a deal to sell the controlling share of the team to investor Steve Cohen, multiple media outlets reported Wednesday. According to the reports, the Sterling Partners -- the business of the Wilpon family -- plan to complete the process of the sale over a five-year period, with principal owner Fred Wilpon remaining in his current position and his son, Jeff Wilpon, remaining chief operating officer during that period.

Cohen, who bought a reported 4 percent of the team in 2012, will increase his share to up to 80 percent, according to Bloomberg, which said the team confirmed talks in a statement. Bloomberg added that the team will be valued at $2.6 billion in the transaction and that Cohen will remain CEO of Point72 Asset Management, the hedge fund he founded in 1992. Cohen, 63, is from Great Neck, N.Y., and has a net worth of $13.6 billion, according to Forbes. He paid a reported $20 million for his 4 percent stake in 2012.

The Wilpons currently own 52 percent of the Mets, after acquiring the controlling share of the team in 2002. They will reportedly retain a stake in the franchise after the completion of the deal with Cohen.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



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