Key Takeaways
- • Steve Cohen officially approved as New York Mets owner after MLB owners voted to authorize the transfer, with Cohen receiving 26 of 29 required votes on October 30, 2020.
- • Deal valued at approximately $2.475 billion for Cohen's purchase of 95% of the Mets franchise from the Wilpon family, making it one of the largest sports team acquisitions in recent history.
- • Final regulatory hurdle cleared when NYC Mayor Bill de Blasio's law department completed its review under the 2006 Stadium Lease Agreement and issued no objections to the transaction, eliminating the last blocking mechanism.
- • Cohen's S.A.C. Capital hedge fund history resolved — while the firm paid $1.8 billion in fines for wire and securities fraud, Cohen himself was not charged with a crime, satisfying the lease agreement's felony conviction clause that could have blocked the mayor from approving the transfer.
- • Unanimous MLB leadership endorsement included a statement from Commissioner Rob Manfred congratulating Cohen and citing his "lifelong passion for the Mets" and commitment to baseball stewardship.
Summary
Steve Cohen has officially become the owner of the New York Mets following approval from both Major League Baseball's club owners and New York City Mayor Bill de Blasio on October 30, 2020. The 64-year-old Long Island native secured 26 of the 29 required votes from MLB club owners, surpassing the threshold of 22 votes needed for league approval. MLB Commissioner Rob Manfred issued a formal statement congratulating Cohen, stating that "Steve will bring his lifelong passion for the Mets to the stewardship of his hometown team" and pledging that he would work to "deliver a team in which Mets fans can take pride."
The acquisition, valued at approximately $2.475 billion, transfers 95% ownership of the franchise from the Wilpon family to Cohen, marking one of the largest sports team transactions in recent years. The deal's completion eliminates decades of ownership under the Wilpon family and represents a significant consolidation of wealth and control within professional baseball.
The final regulatory obstacle was cleared when Mayor de Blasio's law department completed its legal review under the 2006 Stadium Lease Agreement between the New York City Industrial Development Agency and Queens Ballpark Company. That agreement contained a provision granting the mayor authority to block any transfer of city land to individuals with felony convictions. De Blasio's office confirmed it had "no objections" to the transaction, formally removing the last potential impediment to Cohen's ownership assumption.
While Cohen's former hedge fund, S.A.C. Capital, incurred $1.8 billion in fines for wire and securities fraud violations, Cohen himself was not personally charged with any crime. This distinction proved legally determinative in satisfying the lease agreement's felony conviction clause, allowing the city to approve the transfer without legal grounds for intervention. The resolution of potential conflicts between Cohen's Wall Street background and New York City's regulatory requirements has now paved the way for an immediate transition of operational control.
The acquisition, valued at approximately $2.475 billion, transfers 95% ownership of the franchise from the Wilpon family to Cohen, marking one of the largest sports team transactions in recent years. The deal's completion eliminates decades of ownership under the Wilpon family and represents a significant consolidation of wealth and control within professional baseball.
The final regulatory obstacle was cleared when Mayor de Blasio's law department completed its legal review under the 2006 Stadium Lease Agreement between the New York City Industrial Development Agency and Queens Ballpark Company. That agreement contained a provision granting the mayor authority to block any transfer of city land to individuals with felony convictions. De Blasio's office confirmed it had "no objections" to the transaction, formally removing the last potential impediment to Cohen's ownership assumption.
While Cohen's former hedge fund, S.A.C. Capital, incurred $1.8 billion in fines for wire and securities fraud violations, Cohen himself was not personally charged with any crime. This distinction proved legally determinative in satisfying the lease agreement's felony conviction clause, allowing the city to approve the transfer without legal grounds for intervention. The resolution of potential conflicts between Cohen's Wall Street background and New York City's regulatory requirements has now paved the way for an immediate transition of operational control.
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