Home / Business / 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

Citi Field Mets Carlos BeltranRich Schultz/Getty Images

  • 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.
  • Visit Business Insider’s homepage for more stories.

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.

Now read more markets coverage from Markets Insider and Business Insider:

Hong Kong is mired in recession, but its IPO market is the strongest since 2015 among everyday investors

Expedia surges after announcing its CEO and CFO’s immediate resignations

In leaked recording of internal meeting Jeff Bezos and Amazon’s top execs respond to employee questions about some of the company’s biggest challenges

Check Also

Trump blocks global trade referee powers just ahead of planned China escalation

https://markets.businessinsider.com/news/stocks/trump-blocks-global-trade-referee-wto-china-tariff-fights-escalate-2019-12-1028752979

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.