Hedge-fund billionaire Steve Cohen agrees to buy N.Y. Mets from Wilpon family

published 15.09.2020 03:12

Image of article 'Hedge-fund billionaire Steve Cohen agrees to buy N.Y. Mets from Wilpon family'

Cohen, who already was a limited partner who owned 8 percent, will now get 95 percent of the team, as long as the other owners vote him in.

The sources said the firm running the auction, Allen and Company, became concerned that the A-Rod group would make that decision public and that would move Cohen to lower his bid.

However, money often wins out and Cohen is worth roughly $14 billion and the record price paid — particularly amid a pandemic — is going to be enticing to other owners who know the value of one franchise impacts all the others.

A vote of all owners is expected to come before November and Cohen would need 23 yeses to succeed Fred Wilpon and Saul Katz and become the fourth controlling owner since the franchise’s inception in 1962.

Now it is just up to the other owners to see if that is actually what Cohen would do with the team.

by Joel Sherman from marketwatch.com

Free awesomeness straight to your inbox!

Sign up now for this free newsletter to receive hand picked content, covering topics like Lifestyle, Business & Technology.

Free Newsletter Sign up now!

..or jump directly to the latest posts!