Going once, going twice, sold. The New York Mets have been sold to billionaire Steve Cohen. The two sides agreed to the sale on Monday.
The price of the sale is about $2. 42 billion and Cohen will own 95 percent of the team and the Katz and Wilpon families will own the remaining five percent, according to Scott Soshnick of Sportico. The sales price is a record for a North American sports team. David Tepper set the previous record at $2.275 billion when he bought the Carolina Panthers in 2018.
The deal will be voted on at the MLB owners meeting in November. At least 23 of the 29 owners have to approve for Cohen to assume ownership.
“The Sterling Partners have signed an agreement with Steven Cohen pursuant to which Mr. Cohen would purchase the New York Mets. The sale transaction is subject to the approval of the Major League Baseball club owners,” the Mets said in a statement.
Sterling Partners sign agreement with Steve Cohen. #Mets pic.twitter.com/ogzUcLFkeQ
— New York Mets (@Mets) September 14, 2020
“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.
Cohen currently owns eight percent of the Mets. He agreed in December to buy the Mets but negotiations fell apart in February. Last month he entered exclusive negotiations to buy the Mets. He beat bids from Alex Rodriguez and Jennifer Lopez and New Jersey Devils and Philadelphia 76ers owners Josh Harris and David Blitzer.
The Mets are currently 21-26 and in fourth in the National League East.
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Main Image Credit: Embed from Getty Images
