Steven Cohen entered exclusive talks to buy the New York Mets on Friday. The billionaire hedge fund manager was competing against multiple groups, including one led by Alex Rodriguez and Jennifer Lopez. Final bids were due today.
Cohen was close to acquiring the Mets in 2019 for $2.6 billion. That could be the price tag this year as the Rodriguez-led group reportedly dropped out after offering a maximum of $2.3 billion. Another group included Josh Harris and David Blitzer, who own several professional teams including the Philadelphia 76ers and New Jersey Devils.
The Mets were ranked the sixth-most valuable MLB team at $2.4 billion by Forbes. However, the team faces a tough road ahead regardless of owner — the Mets are expected to lose upwards of $100 million this year and next due to the pandemic. It is unclear if Cohen or a new owner would also acquire SportsNet New York, the team’s regional television network, which has helped buoy the organization’s finances in recent years. The Wilpon family had previously looked to keep the RSN out of the deal.
About Steven Cohen:
— 64 years old
— Founder of hedge fund Point72 Asset Management
— Worth $14 billion
— Owns $1 billion art collection
— Currently owns 8% of the Mets
— Paid $1.8 billion to the SEC as part of a 2013 insider trading case