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Illustration: Aรฏda Amer/Axios

Steve Cohen, a hedge fund billionaire from Long Island, has reached an agreement to buy the Mets.

Details: Cohen will own 95% of the team, with the Wilpon and Katz families retaining the other 5%. The sale values the Mets at $2.42 billion, per Sportico, making it the most ever paid for an MLB franchise, topping the $2.15 billion paid for the Dodgers and surrounding real estate in 2012.

  • The deal still requires approval from 23 of the other 29 MLB owners, who will likely vote at their regularly-scheduled meeting in November.

Why it matters: Cohen has a net worth of $14.5 billion, which would make him the second-richest owner in American sports behind Steve Ballmer ($69 billion).

  • It would also make him wealthier than the next three richest MLB owners, combined: Ted Lerner, Nationals ($4.8 billion); Charles Johnson, Giants ($4.3 billion) and Marian Ilitch, Tigers ($4 billion), per Forbes.
  • Some owners "may be alarmed by Cohen's vast resources and his ability to single-handedly outspend them and raise player salaries in general," notes NYT's David Waldstein.
  • Yes, but: The increased valuation of the Mets through the sale will increase the value of other teams, too, so something tells me they'll be more than comfortable approving the sale.

The backdrop: Cohen previously reached an agreement to buy the Mets late last year, but it fell apart in January over who would control the team during a five-year interim period after the sale.๐Ÿ“š

Go deeper: "Black Edge" documents the rise and fall of SAC Capital Advisors, Cohen's previous hedge fund which in 2013 pleaded guilty to criminal fraud charges.

Go deeper

Dan Primack, author ofย Pro Rata
Dec 1, 2020 - Economy & Business

Airbnb seeking $2.6 billion in IPO

Illustration: Sarah Grillo/Axios

Hospitality giant Airbnb on Tuesday set terms for its upcoming IPO, saying it plans to raise up to $2.6 billion.

Big number: The company would have an initial market cap of $28 billion, or an enterprise value of around $32 billion, were it to price shares in the middle of its proposed price range of $44-$50 per share.

Go deeper: Airbnb files for long-awaited IPO

Scoop: Gina Haspel threatened to resign over plan to install Kash Patel as CIA deputy

CIA Director Gina Haspel. Photo: Win McNamee/Getty Images

CIA Director Gina Haspel threatened to resign in early December after President Trump cooked up a hasty plan to install loyalist Kash Patel, a former aide to Rep. Devin Nunes (R-Calif.), as her deputy, according to three senior administration officials with direct knowledge of the matter.

Why it matters: The revelation stunned national security officials and almost blew up the leadership of the world's most powerful spy agency. Only a series of coincidences โ€” and last minute interventions from Vice President Mike Pence and White House counsel Pat Cipollone โ€” stopped it.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode โ€” CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden says, "We will manage the hell out of" vaccine distribution โ€” Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan โ€” Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat.
  3. Vaccine: Battling Black mistrust of the vaccines โ€” "Pharmacy deserts" could become vaccine deserts โ€” Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode again โ€” Fed chair: No interest rate hike coming any time soon โ€”ย  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.