Dec 5, 2019
Mets on verge of sale to hedge fund billionaire Steve Cohen
Mets president Saul Katz, majority owner Fred Wilpon and COO Jeff Wilpon. Photo: Jim McIsaac/Getty Images
The New York Mets are in the process of being sold to hedge fund billionaire Steve Cohen, who is currently a minority owner in the team.
Why it matters: This would represent a massive change in the landscape of New York sports and a new chapter for the beloved, if troubled, Mets franchise.
- "It would also be the biggest step in the re-emergence of Mr. Cohen. ... [He] was a major figure in New York society and the art world when his fund became embroiled in a series of insider trading investigations that began after 2009," per NYT.
- "He was never charged with wrongdoing, but his firm ultimately paid nearly $2 billion in fines and he agreed not to manage outside money for two years."
The state of play: Current owner Fred Wilpon, 83, would continue to serve as chairman for five years and his son, Jeff, would remain chief operating officer for that same time.
- Fred bought half the team in 1980, and the other half in 2002. Cohen bought a minority stake in 2012, as the Wilpons struggled to recover from losses suffered in Bernie Madoff's Ponzi scheme.
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