Key Takeaways
- • Steve Cohen, billionaire hedge fund manager and New York native, has agreed to purchase the New York Mets for approximately $2.475 billion, representing a record valuation for a North American sports team franchise.
- • Cohen will own 95% of the franchise following the deal with Sterling Partners (the Wilpon and Katz families), while retaining his existing 8% stake and becoming baseball's richest owner upon completion.
- • The transaction represents Cohen's second attempt to acquire majority control of the Mets; a previous bid in November 2019 fell through before this September 2020 agreement was reached.
- • Competing bidders for the franchise included former New York Yankee Alex Rodriguez and his fiancée Jennifer Lopez, whose group made an unsuccessful bid for controlling interest.
- • The deal marks a significant transaction in sports ownership and reflects Cohen's strategic positioning as founder of Point72 Asset Management and former head of SAC Capital Advisors.
Summary
Steve Cohen, the 64-year-old billionaire hedge fund manager and lifelong New York Mets fan, has reached an agreement to purchase the New York Mets baseball team from the Wilpon and Katz families through Sterling Partners. The transaction, announced on September 15, 2020, values the franchise at approximately $2.475 billion—the highest price ever paid for a North American sports team.
Under the terms of the agreement, Cohen will acquire a 95% ownership stake in the franchise, with the remaining 5% retained by the Wilpon and Katz families. Cohen currently holds an 8% stake in the team and will consolidate his position as the controlling shareholder upon deal completion. Fred Wilpon and Saul Katz, who first invested in the Mets in 1980, will exit their majority control following decades of ownership.
The transaction culminates a second attempt by Cohen to acquire majority control of the franchise. He had previously pursued a majority stake in November 2019, but that deal ultimately fell through. The successful September 2020 agreement positions Cohen to become the wealthiest owner in Major League Baseball.
The Mets ownership opportunity attracted multiple high-profile bidders. Former New York Yankee Alex Rodriguez and pop star Jennifer Lopez led a competing group that made an unsuccessful bid for control of the franchise, ultimately losing out to Cohen's offer and negotiating position.
Cohen's acquisition reflects his substantial wealth accumulated through Point72 Asset Management, his current hedge fund vehicle, and his prior leadership of SAC Capital Advisors. As a New York native and longtime Mets supporter, the transaction aligns his personal interests with his financial capacity to reshape the franchise's trajectory and competitive positioning within Major League Baseball.
Under the terms of the agreement, Cohen will acquire a 95% ownership stake in the franchise, with the remaining 5% retained by the Wilpon and Katz families. Cohen currently holds an 8% stake in the team and will consolidate his position as the controlling shareholder upon deal completion. Fred Wilpon and Saul Katz, who first invested in the Mets in 1980, will exit their majority control following decades of ownership.
The transaction culminates a second attempt by Cohen to acquire majority control of the franchise. He had previously pursued a majority stake in November 2019, but that deal ultimately fell through. The successful September 2020 agreement positions Cohen to become the wealthiest owner in Major League Baseball.
The Mets ownership opportunity attracted multiple high-profile bidders. Former New York Yankee Alex Rodriguez and pop star Jennifer Lopez led a competing group that made an unsuccessful bid for control of the franchise, ultimately losing out to Cohen's offer and negotiating position.
Cohen's acquisition reflects his substantial wealth accumulated through Point72 Asset Management, his current hedge fund vehicle, and his prior leadership of SAC Capital Advisors. As a New York native and longtime Mets supporter, the transaction aligns his personal interests with his financial capacity to reshape the franchise's trajectory and competitive positioning within Major League Baseball.
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