Steve Cohen signs $2.4 BILLION deal to buy New York Mets after outbidding Alex Rodriguez and Jennifer Lopez for MLB’s ‘sixth most valuable club’
Billionaire hedge fund manager Steve Cohen has signed an agreement to purchase the New York Mets from longtime owners Fred and Jeff Wilson for a reported $2.4 billion after outbidding local power couple, Jennifer Lopez and Alex Rodriguez.
MLB Network’s Jon Heyman was the first to report the sale, which, according to Joel Sherman of the New York Post, is a record for a North American sports franchise.
‘I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets,’ Cohen said in a team statement after reaching an agreement with the team’s respective majority and minority owners.
Cohen had long been considered the favorite to buy the team, given his immense wealth, reported to be over $14 billion, according to Forbes. But, after submitting a $2.6 billion bid in late 2019, according to multiple reports, the Long Island native reduced his offer to $2 billion amid disagreements with the Wilpons over Jeff’s future role with the team.
Rodriguez and Lopez added several high-profile investors to their group’s reported $2 billion offer, but were unable to eclipse the bid put forth by Cohen.