Mets sale to Steve Cohen approved by MLB owners

Danny Abriano
·2 min read
Steve Cohen treated art blue Citi Field in background
Steve Cohen treated art blue Citi Field in background

Steve Cohen has been approved as the new majority owner of the Mets after a vote by the other MLB owners, reports SNY's Andy Martino.

The 64-year-old Cohen, a hedge fund manager and native of Great Neck whose net worth is estimated to be $14.1 billion, reached an agreement to purchase the team on Sept. 14. 

According to Newsday's Tim Healey, the deal has the Mets valued at "approximately $2.475 billion."

Fred Wilpon has been the majority owner of the Mets since 2002, when he bought out Nelson Doubleday. Doubleday and Company and Wilpon purchased the Mets from the Payson family in January of 1980.

After an up-and-down saga, Cohen won out in the end after bidding that included one group led by Alex Rodriguez and Jennifer Lopez and another fronted by Josh Harris and David Blitzer.

Once the process with Cohen is finalized, Sandy Alderson will officially take over the role as team president -- a pending move Cohen announced on Sept. 24.

"Sandy is an accomplished and respected baseball executive who shares my philosophy of building an organization and a team the right way," Cohen said in a statement. "I am excited to have Sandy in a key leadership role with the Mets if my purchase of the team is approved. Let's Go Mets!"

What kind of impact the arrival of Alderson has on GM Brodie Van Wagenen is not yet known.

SNY's Andy Martino reported on Oct. 1 that Oakland assistant general manager Billy Owens, Tampa Bay special assistant Bobby Heck, and Nationals assistant hitting coach Pat Roessler, were among those who could potentially have roles with the Mets under Cohen and Alderson.

Cohen's initial plan to purchase a majority stake in the team was announced in December of 2019, but that deal fell apart.

MLB -- non-Mets -- sources with knowledge of the Cohen negotiation said it wasn't the five-year transition of power that was at issue, according to Martino, who reported that detail of the transaction was a done deal in writing months before talks broke down.

Bloomberg reported at the time that in the wake of the failed negotiations with Cohen that there would be "no preconditions regarding control of the team" as part of the next sale, meaning whoever became majority owner would likely have full control once the sale is complete.

Cohen, a lifelong Mets fan, is an investor and hedge fund manager who founded S.A.C. Capital Advisors and Point72 Asset Management. He bought a minority stake in the Mets in 2012, owning eight percent.