The Mets are in talks to sell 80% of the team to billionaire hedge fund manager Steve Cohen

The Mets are in talks to sell 80% of the team to billionaire hedge fund manager Steve Cohen
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  • The New York Mets’ owners are in talks to sell up to 80% of the team to the billionaire hedge-fund manager Steve Cohen, Bloomberg reported on Wednesday.
  • Bloomberg said that the deal would value the baseball team at $2.6 billion and that Mets confirmed the discussions in a statement.
  • The Wilpon family took control of the team in 2002 and would retain a stake in the Mets should the deal go though, the report said.
  • Cohen would remain CEO of his hedge fund, Point72 Asset Management, according to Bloomberg.

The New York Mets’ owners are in talks to sell up to 80% of the team to the billionaire hedge-fund manager Steve Cohen, Bloomberg reported on Wednesday, citing a person familiar with the matter.

Cohen, who already holds a stake in the Major League Baseball team, would receive a path to control the franchise, according to Bloomberg. Its principal owner, Fred Wilpon, would remain in his role for at least five years, and his son, Jeff Wilpon, would keep his job as the team’s chief operating officer over the same period.

Bloomberg said that the deal would value the team at $2.6 billion and that the Mets confirmed the discussions in a statement.

Should the deal go through, the Wilpons would retain a stake in the team, according to Bloomberg. Fred Wilpon is considering the deal as part of estate and philanthropic planning, Bloomberg’s source said.

Cohen would remain CEO of his hedge fund, Point72 Asset Management, Bloomberg reported. The chief executive has a net worth of $9.2 billion and is 168th on the Bloomberg Billionaires Index.

The Wilpon family took control of the Mets in 2002.

Source: Business Insider

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