Amazin’: Billionaire Steven Cohen reaches deal to buy New York Mets

September 16, 2020

Billionaire hedge-fund manager Steven A. Cohen has beat out several other investors—among them, the power couple, Alex Rodriguez and Jenniifer Lopez— to reach an agreement to acquire the New York Mets from the controlling Wilpon and Katz families, the team said, in a deal that sources say is worth slightly more than $2.4 billion

The deal, which would set a new benchmark for North American sports franchise valuations, will become official only after a vote of Major League Baseball’s owners later this year.

The most expensive baseball transaction to date had been the $2.15 billion that Guggenheim Partners CEO Mark Walter and a group of co-investors, including basketball legend Earvin “Magic” Johnson, paid for the Los Angeles Dodgers in 2012, according to a report by The Wall Street Journal. The transaction was partly financed by a group of insurance companies associated with Guggenheim.

Should the sale for the Mets be approved, word is that Cohen will own 95% of the team, while the Wilpon and Katz families will retain a 5% stake.

“I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets,” Cohen, a lifelong fan of the team, said in a statement released by the Mets.

Research contact: @WSJ

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