It’s official, Steve Cohen has reached an agreement with the Wilpon and Katz families. He is one step away from being the owner of the New York Mets.
According to Sterling Partners, Steven Cohen has reached an agreement to purchase the New York Mets. The hedge-fund billionaire is set to pay $2.45 billion, a North American record, for the Queens-based franchise.
— New York Mets (@Mets) September 14, 2020
Unlike the first time, this is a binding deal. The only hurdle left is the owners’ vote. Cohen will need 23 owners to approve of his purchase of the Mets, any less and he will be denied.
The current expectation is that Cohen will pass the owners vote and become the next owner of the Mets, but it’s not just a formality. Some owners have been wary of Cohen’s background for a long time. It doesn’t help that his company, Point72, is currently under investigation for sexual discrimination.
If the deal is completed, Cohen will become the wealthiest owner in MLB. His $14.1 billion net worth is more than double the next largest personal fortune of any owner. In a league without a salary cap, Cohen will be able to outspend the entire league to win if he wants.
The biggest change will likely be in the front office. Cohen is expected to substantially upgrade the Mets’ analytics department, which has been one of the smallest in MLB under the Wilpons. Given the performance of the Mets in 2020, he’ll likely also want to hire his own general manager.
Cohen is likely to usher in an entirely new era of New York Mets baseball as soon as he takes office. He has just one hurdle left before he becomes the new Mr. Met.