Key Takeaways
- • Steve Cohen, 64-year-old CEO and president of Point72 Asset Management, has secured MLB owners' approval to acquire 95% of the New York Mets at a valuation of $2.4–$2.5 billion, with the Wilpon and Katz families retaining the remaining 5%.
- • Cohen obtained the required 75% supermajority vote from MLB's 30 team owners, exceeding the threshold of 23 affirmative votes needed for franchise approval.
- • New York City Mayor Bill de Blasio approved the transaction on the same day as the MLB owners' vote, clearing the final regulatory hurdle for the deal.
- • MLB announced Cohen is expected to assume full ownership within 10 days of the approval, completing one of sports' most significant ownership transitions in recent years.
- • Cohen, with an estimated net worth of $14.6 billion according to Forbes, becomes the wealthiest owner in Major League Baseball, surpassing other billionaire franchise owners.
Summary
Major League Baseball owners have formally approved the sale of the New York Mets to hedge fund billionaire Steve Cohen on October 30, 2020, marking a watershed moment for one of baseball's most storied franchises. The transaction, which values the team at $2.4–$2.5 billion, transfers 95% ownership from the Wilpon and Katz families—who have controlled the franchise for decades—to Cohen, with the founding families retaining a 5% stake. The deal received the requisite 75% supermajority vote from MLB's 30 team owners, exceeding the 23-vote threshold required for approval.
Cohen, 64, serves as CEO and president of Point72 Asset Management, one of the largest hedge funds globally managing billions in assets. His acquisition represents not only a significant capital deployment for a major sports franchise but also signals confidence in the Mets' long-term market potential despite recent organizational challenges. As a self-described lifelong Mets fan, Cohen has previously held minority ownership stakes in the franchise before ascending to majority control through this transaction.
New York City Mayor Bill de Blasio's concurrent approval of the sale removed the final regulatory impediment to closing. MLB subsequently announced its expectation that Cohen would formally assume ownership within 10 days, establishing a clear and expedited timeline for the transition of management and operational control. This represents an unusually streamlined approval process for a franchise ownership change of this magnitude.
At an estimated net worth of $14.6 billion, Cohen becomes the wealthiest majority owner in Major League Baseball, according to Forbes rankings. This positions him significantly above other billionaire ownership groups controlling MLB franchises, including Ted Lerner (Washington Nationals, $4.8 billion) and Charles Johnson (San Francisco Giants, $4.5 billion). The financial resources at Cohen's disposal suggest potential capacity for substantial franchise reinvestment in player acquisition, stadium facilities, and organizational infrastructure.
The approval concludes a multilayered approval process that began with MLB's ownership committee vetting, proceeded to the full owners' vote, and concluded with municipal regulatory clearance, reflecting the complex governance structure governing professional sports franchises operating in major metropolitan markets.
Cohen, 64, serves as CEO and president of Point72 Asset Management, one of the largest hedge funds globally managing billions in assets. His acquisition represents not only a significant capital deployment for a major sports franchise but also signals confidence in the Mets' long-term market potential despite recent organizational challenges. As a self-described lifelong Mets fan, Cohen has previously held minority ownership stakes in the franchise before ascending to majority control through this transaction.
New York City Mayor Bill de Blasio's concurrent approval of the sale removed the final regulatory impediment to closing. MLB subsequently announced its expectation that Cohen would formally assume ownership within 10 days, establishing a clear and expedited timeline for the transition of management and operational control. This represents an unusually streamlined approval process for a franchise ownership change of this magnitude.
At an estimated net worth of $14.6 billion, Cohen becomes the wealthiest majority owner in Major League Baseball, according to Forbes rankings. This positions him significantly above other billionaire ownership groups controlling MLB franchises, including Ted Lerner (Washington Nationals, $4.8 billion) and Charles Johnson (San Francisco Giants, $4.5 billion). The financial resources at Cohen's disposal suggest potential capacity for substantial franchise reinvestment in player acquisition, stadium facilities, and organizational infrastructure.
The approval concludes a multilayered approval process that began with MLB's ownership committee vetting, proceeded to the full owners' vote, and concluded with municipal regulatory clearance, reflecting the complex governance structure governing professional sports franchises operating in major metropolitan markets.
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