Mets Sold

Hedge fund manager Steve Cohen has signed an agreement to purchase the NY Mets. I did not see where a purchase price was reported. Last year, Cohen agreed to buy the team for $2.6; that fell apart when the Wilpons allegedly put in a clause in the agreement that would have them retain significant authority with the team. I’m going to go out on a limb and assume there’s no such rider this time. That means, assuming at least 23 other owners agree, the Wilpons will soon relinquish control of the team.

Another group, fronted by Alex Rodriguez and Jennifer Lopez, had an offer in place to buy the team as well but withdrew it last month. That led to widespread, and ultimately correct, speculation that Cohen would soon buy the team.

Mets fans have long been frustrated with Wilpon ownership of the team. The Wilpons operated on a tight budget ever since allowing themselves to be victims of Bernie Madoff’s Ponzi scheme nearly a decade ago.

Steve Cohen would become the wealthiest team owner and presumably realizes the Mets are in fact in a large market. Mets fans have a right to be excited, even hopeful, tonight.

6 thoughts on “Mets Sold

  1. Great news for baseball fans. If this dude doesn’t use the Mets to finance other activities. Remember a few decades ago when pro sports ownership was the indulgence of the rich? They spent money like water on players that were past their prime. If this guy starts a bidding war or two it could prevent a player strike.

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  2. Newsday said the deal values the Mets at $2.475 billion. Cohen will wind up with 95% after the deal. He currently owns 8% so he is buying 87%. At a $2.475 total valuation the price for the 87% will be about $2.15 billion. The deal doesn’t include the SNY sports network which will be still owned by the Wilpons.

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