After J-Lo and A-Rod struck out in their bid to buy the New York Mets, billionaire hedge fund manager Steve Cohen signed an agreement with Sterling Partners to buy the baseball team.
Newsday reports the deal values the club at about $2.5 billion. That’s a record for a North American sports team.
Cohen said in a statement that he was “excited” to reach the deal. His spokesman declined to comment beyond the statement.
Newsday said Cohen will own 95% of the franchise. He currently has an 8% stake. A lifelong Mets fan, he is poised to become baseball’s richest owner.
It was his second attempt to buy the team. A deal to buy a majority stake last November fell through. Then, pop star Jennifer Lopez and ex-New York Yankee Alex Rodriguez made their pitch for the team. But Cohen won out.
Fans hope Cohen will pour money into the club and make them a contender for the World Series crown. The ball club has won two titles in its nearly 60 year history — a far cry from the 27 titles owned by their more well known crosstown rivals, the New York Yankees.