The New York Mets will have a new owner. For a second time, hedge fund billionaire Steve Cohen has a deal to purchase the franchise.
Steve Cohen has entered exclusive negotiations to buy the NY Mets and is expected to reach a deal to purchase the team within days, according to people familiar with the process. Other bidders, including the group led by Alex Rodriguez, are no longer in pursuit of the club.
— David Faber (@davidfaber) August 29, 2020
This is the second time Cohen, a lifelong Mets fan, reportedly has a deal to purchase the team. This one is expected to stick.
Cohen has beaten out Harris and Blitzer along with a group led by Alex Rodriguez and Jennifer Lopez. J-Rod put out a press release stating they have backed out of the bidding and are upset to learn they won’t be the next owners.
— Ken Rosenthal (@Ken_Rosenthal) August 29, 2020
Cohen represents a stark change in financial standing for the Mets. The Wilpon family is one of the least wealthy owners in MLB, while Cohen would be the richest in the league by far. In fact, Cohen is set to become the second-wealthiest owner in all of American sports.
It’s not yet known how much Cohen will pay for the team, but it’s likely to be less than the $2.6 billion he was set to pay the first time around. That said, it’s still likely to be a record sale, besting the 2012 sale of the Los Angeles Dodgers for $2 billion.
The news of the sale coming three days before the trade deadline is no coincidence. It’s likely that Cohen wants final say on everything that could affect future assets. That means controlling what the Mets can and can’t do at the deadline.
This is the dawn of a new era in Queens. Mets fans just hope that it’s better than the last one.