Billionaire Steve Cohen agrees to buy the New York Mets after Alexander and Jennifer Lopez shows no interest

Billionaire Fund raiser has signed an agreement with sterling partners to buy the New York Mets baseball team.

He announced in a statement that, 

“I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets”.

Fred Wilpon and his in-law Saul Katz purchased their first stake in the team in the year 1980.

Cohen mets share will make him own 95% of the franchise with the deal valuing the club at about $2.475 billion.

Former New York Yankee, Alexander Rodriguez and his pop star wife, Jennifer Lopez led a group that showed interest in the team and made a bid to buy it said that they were no longer interested in purchasing the club giving way for the billionaire to make a successful deal. 

Steve Cohen networth is $14.6 billion as reported by Forbes list, Steve Cohen oversees point72 assets management and a $16billion hedge fund firm that started managing outside capital in 2018, Cohen has given $715 million to philanthropic causes over his lifetime. He controlled Sac Capital Advisors which pleaded guilty to criminal fraud charges in 2013, Sac agreed to pay $900 million fine and forfeit another $900 million to the federal government.

The sale is subject to the approval of the Major League Baseball club owners, at least 23 to 30 of the owners will need to approve his ownership which was announced by the club through a news release. His previous agreement to purchase the club was unsuccessful because Fred Wilpon wanted to enforce a clause in the contract that would allow him to stay in the position of CEO for the next five years rather than treat it as a honorary role.

Cohen entered the deal to acquire the Mets last year, but the deal fell apart in February. He bought an 8% limited partnership stake for $40 million in 2012, the deal that failed to close would have seen him acquiring an 80% of the share in a transaction that valued the team at $2.6 billion, But if the current deal is approved by Major League baseball owners, he will own 95% of the New York Mets baseball club. 

The Mets have had multiple conversations with fellow owners giving them confidence Cohen will gain approval, Multiple sources says that the deal does not include the Mets television networks. SYN. There were speculations that the hedge fund manager may try to include the network in late negotiations.

The consortium assembled by Alexander Rodriguez and his fianceé emerged as the strongest competitor to Cohen.The Rodriguez and Lopez group has attempted to stay a viable contender ever since. The Consortium agreed that it would pay $2.35 billion. Subsequently the group let it be known that Lopez would be the control person, Which would have made her the first Latina owner of a major sport Franchise in North America.

If the deal is done for $2.4 to $2.45 billion it would be the highest price ever paid for a North American sport.