Key Takeaways
- • Record acquisition price: Steve Cohen completed the purchase of the New York Mets for $2.4 billion to $2.45 billion, the highest price ever paid for a Major League Baseball franchise, following approval by MLB owners on October 30, 2020 (26-4 vote).
- • Expedited ownership transition: MLB Commissioner Rob Manfred announced that Cohen is expected to assume full ownership within 10 days of the approval, with Cohen set to take control in November 2020.
- • Immediate community investment commitment: In his first acts as owner, Cohen committed more than $27 million in immediate initiatives, including reinstituting pre-pandemic salaries for all full-time Mets employees, establishing a relief fund for seasonal workers, and donating $17.5 million to NYC small business assistance programs.
- • Prior ownership stake and failed negotiation: Cohen, a 64-year-old hedge fund manager and lifelong Mets fan, already owned an 8 percent stake in the team and had previously attempted to acquire a majority share in November 2019, but those negotiations collapsed before this successful bid.
- • Comprehensive foundation expansion: Cohen signaled intentions to "dramatically increase" Mets Foundation giving in coming years, with priority directed to non-profits and communities surrounding Citi Field in Queens.
Summary
Major League Baseball owners approved Steve Cohen's acquisition of the New York Mets on October 30, 2020, clearing the final regulatory hurdle for what represents the most expensive purchase of an MLB franchise to date. The ownership vote passed 26-4, and MLB Commissioner Rob Manfred announced that Cohen is expected to assume full ownership within 10 days. The purchase price ranges from $2.4 billion to $2.45 billion, reflecting a substantial premium over previous MLB valuations and underscoring the Mets' market position as a New York-based franchise.
Cohen, a 64-year-old hedge fund manager and self-described lifelong Mets supporter, brings both capital and institutional investment expertise to the organization. He previously held an 8 percent ownership stake in the team and had attempted to acquire a controlling interest in November 2019, but those negotiations terminated before reaching agreement. The current approval follows a successful presentation to the MLB Ownership Committee and reflects confidence from MLB leadership in Cohen's stewardship. Commissioner Manfred stated that Cohen "will bring his lifelong passion for the Mets to the stewardship of his hometown team" and noted his appointment of "highly respected baseball leadership."
Notably, Cohen has already signaled substantial philanthropic and operational commitments tied to the ownership transition. His announced initiatives total more than $27 million and include: reinstatement of pre-pandemic salary levels for all full-time Mets employees; establishment of a relief fund for seasonal workers during the upcoming offseason; and a $17.5 million donation to New York City programs supporting small businesses impacted by pandemic conditions. Additionally, Cohen committed to dramatically increasing charitable giving through the Mets Foundation in coming years, with particular focus on non-profit organizations and communities surrounding Citi Field in Queens. In his statement, Cohen emphasized that these commitments reflect his intent to be "vigorous supporters of the team's home communities," signaling a community-focused ownership model that extends beyond traditional franchise operations.
Cohen, a 64-year-old hedge fund manager and self-described lifelong Mets supporter, brings both capital and institutional investment expertise to the organization. He previously held an 8 percent ownership stake in the team and had attempted to acquire a controlling interest in November 2019, but those negotiations terminated before reaching agreement. The current approval follows a successful presentation to the MLB Ownership Committee and reflects confidence from MLB leadership in Cohen's stewardship. Commissioner Manfred stated that Cohen "will bring his lifelong passion for the Mets to the stewardship of his hometown team" and noted his appointment of "highly respected baseball leadership."
Notably, Cohen has already signaled substantial philanthropic and operational commitments tied to the ownership transition. His announced initiatives total more than $27 million and include: reinstatement of pre-pandemic salary levels for all full-time Mets employees; establishment of a relief fund for seasonal workers during the upcoming offseason; and a $17.5 million donation to New York City programs supporting small businesses impacted by pandemic conditions. Additionally, Cohen committed to dramatically increasing charitable giving through the Mets Foundation in coming years, with particular focus on non-profit organizations and communities surrounding Citi Field in Queens. In his statement, Cohen emphasized that these commitments reflect his intent to be "vigorous supporters of the team's home communities," signaling a community-focused ownership model that extends beyond traditional franchise operations.
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