Hedge Fund Manager Steve Cohen Set to Buy NY Mets

November 1, 2020 James Heinsman In the News

Major League Baseball gave its blessing to the imminent purchase of the New York Mets for what will be a record price of between $2.4 billion and $2.45 billion. Steve Cohen, CEO, and president of Point72 Asset Management will purchase the team from the present owners, the Wilpon and Katz families. If the deal succeeds it will surpass the present record price for a baseball team, set when Frank McCourt sold the Los Angeles Dodgers to Guggenheim Baseball Management in 2012 for a mind-bending $2 billion.

Cohen has promised that he will invest about $9.5 million in additional payments during the off-season to help employees who have been negatively impacted by the pandemic. Detailing his intention, he said that all Mets employees, including security guards, engineers, and union member grounds keepers will have their pre-pandemic salaries restored, reversing the 5%-30% cuts in salary that started in March. He valued salary restoration at more than $7 million.

“I am humbled that MLB’s owners have approved me to be the next owner of the New York Mets,” Cohen said in a statement. “Owning a team is a great privilege and an awesome responsibility.”

Cohen will control an entity that will own 95% of the club, while the Wilpon and Katz families will still hold 5% of the team.

Steve Cohen,

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