Steve Cohen purchases New York Mets, MLB authorizes offer

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Steve Cohen buys New York Mets, MLB approves deal

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Steve Cohen, chairman and president of SAC Captial Advisors LP.

Scott Eelis | Bloomberg | Getty Images

Steve Cohen is formally the owner of the New York Mets.

Major League Baseball owners authorized of Cohen’s approximately $2.4 billion purchase of the group from the Wilpon Family on Friday, the league revealed.

“I extend my best wishes to Fred Wilpon, Saul Katz and Jeff Wilpon and thank them for their longstanding efforts for the Mets,” MLB commissioner Rob Manfred stated in a declaration.

“On behalf of Major League Baseball, I congratulate Mr. Cohen on receiving approval from the Major League Clubs. Steve will bring his lifelong passion for the Mets to the stewardship of his hometown team, and he will be joined by highly respected baseball leadership as well. I believe that Steve will work hard to deliver a team in which Mets fan can take pride.”

With Citi Field situated on public land owned by New York City, Mayor Bill de Blasio required to approve the sale, which he did soon after MLB authorized. The New York Post reported the city was trying to obstruct the sale of the group to Cohen.

“The New York City Law Department has completed its legal review of the proposed sale of the Mets,” de Blasio stated in a declaration. “New York City does not object to the sale, and the Mets may proceed with the transaction.”

Yoenis Cespedes of the New York Mets stands in the on deck circle in front of cardboard fans throughout a preseason video game at Citi Field on July 18, 2020.

Al Bello | Getty Images Sport | Getty Images

Cohen’s deal is now formally the most pricey purchase of a North American sports franchise, vanquishing David Tepper’s $2.2 billion acquisition of the Carolina Panthers in 2018.

Cohen manages a Mets group anticipated to deal with losses well in excess of $100 million this year and next, provided the effect of the coronavirus pandemic, sources informed CNBC’s David Faber.

In August, CNBC reported Cohen participated in an unique settlement to buy the Mets, vanquishing a group led by previous Yankees star Alex Rodriguez that consisted of signer Jennifer Lopez and Bodyarmor creator and Queens native Mike Repole. Philadelphia 76ers co-owner Josh Harris was likewise thinking about purchasing the MLB group.

Cohen revoked an initial offer to buy the Mets when the Wilpon Family tried to run the club after the sale. The previous offer likewise consisted of undesirable language when it pertained to the Mets’ local sports network, SNY, leading Cohen to at first revoke getting 80% of the franchise in February.

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