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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.

Go deeper: Small cities fight back against MLB proposal to cut minor league teams

Go deeper

Bernie Madoff dies in prison at 82

Photo: Jin Lee/Bloomberg via Getty Images

Bernie Madoff, a former investor sentenced to 150 years in prison for perpetrating the largest Ponzi scheme in U.S. history, died Wednesday at age 82, AP reports.

The big picture: Madoff pleaded guilty in 2009 to a multibillion-dollar scheme that investigators said began in the 1970s and defrauded as many as 37,000 people in 136 countries — including high-profile victims like Steven Spielberg, former New York Mets owner Fred Wilpon and actor Kevin Bacon, according to CNBC.

Ben Geman, author of Generate
59 mins ago - World

John Kerry and China's long road ahead on climate

Photo illustration: Aïda Amer/Axios. Photo: Brian Snyder/AFP via Getty Images

Yes, special climate envoy John Kerry's really in China and no, don't look for a huge breakthrough between the world's two largest carbon-emitting nations.

Driving the news: The State Department yesterday announced Kerry's visit this week, confirming plans that began emerging Saturday.

1 hour ago - Podcasts

Coinbase president Emilie Choi on mainstreaming crypto

Coinbase plans to go public on Wednesday, in a watershed moment for the cryptocurrency industry.

Axios Re:Cap speaks with Coinbase president and COO Emilie Choi about how she thinks about crypto, why Coinbase eschewed a traditional IPO and if we’re ever going to use bitcoin to buy a cup of coffee.