Hedge fund billionaire Steve Cohen reportedly reaches deal to become Mets owner

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Billionaire hedge fund magnate Steve Cohen has signed an agreement Monday to purchase MLB's New York Mets, according to an announcement by the team's current ownership group, Sterling Partners.

Cohen will own 95% of the franchise once the deal is officially completed, while the Wilpon and Katz families will retain the other 5%, according to Sportico's Scott Soshnick. Cohen's net worth is estimated to be $14 billion.

The deal will require the approval of at least 23 of the other 29 team owners when Major League Baseball holds a vote, which could come at the owners' meetings in November, Newsday reported.

"I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets", Cohen said in a statement. He had tried to purchase a majority stake last November but the deal fell through.

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This time, Cohen outbid multiple suitors for the franchise - most notably a partnership led by the celebrity couple of former Major League Baseball star Alex Rodriguez and musical superstar Jennifer Lopez, who have continued to fight for an opportunity to negotiate. He bought an 8% limited partnership stake in 2012 for $40 million.

The deal's financial terms were not disclosed.

The New York Mets are changing hands. But, after submitting a $2.6 billion bid in late 2019, according to multiple reports, the Long Island native reduced his offer to $2 billion amid disagreements with the Wilpons over Jeff's future role with the team.

The 64-year-old Cohen is CEO and president of Point72 Asset Management. SAC agreed to pay a $900 million fine and forfeit another $900 million to the federal government, though $616 million that SAC companies had already agreed to pay to settle parallel actions by the Securities and Exchange Commission was to be deducted from the $1.8 billion. There were reports he balked at team COO Jeff Wilpon remaining in charge of the club during a five-year ownership transition period.

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