Steve Cohen and the Wilpon family are in agreement to transfer majority ownership of the New York Mets to the hedge-fund billionaire Monday.
“I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets,” Cohen said in a statement.
A source originally told amNewYork Metro that the agreement would be signed on Sunday night — nearly 24 hours before follow-up reports and the team’s announcement.
It’s a major hurdle cleared in the 64-year-old’s pursuit of 95% of the MLB club, just seven months after his original bid for the team fell through.
That means if 23 of 29 MLB team owners approve Cohen’s takeover during their scheduled meeting in November, he will assume control of the club immediately then.
A source originally informed amNewYork Metro last week that negotiations between Cohen — valued at $14.6 billion — and the Mets were trending in the right direction.
Meanwhile, the group led by Alex Rodriguez and Jennifer Lopez were recently reported to have been trying to improve their “last-ditch” offer to buy the Mets, according to the New York Post.
Obviously, such a potential development now means that Rodriguez and Lopez’s chase for the Mets would officially be considered dead.
Cohen’s offer has been reported to be north of $2.4 billion for the Mets.
The Wilpon family has been the majority owner of the franchise since 2002, but they are expected to retain a 5% share of the team.
“It’s important for us to be strong in our major markets,” MLB commissioner Rob Manfred said during a video call with Hofstra University (h/t Evan Drellich). “I think that a change in ownership at the Mets is an opportunity to make that franchise as strong as it can possibly be.”