Steve Cohen formally owns the New York Mets after MLB authorised the deal
Steve Cohen, Chairman and CEO of SAC Captial Advisors LP.
Scott Eelis | Bloomberg | Getty Images
Steve Cohen is officially the owner of the New York Mets.
Major League Baseball owners approved Cohen's purchase of the team from the Wilpon family for around $ 2.4 billion on Friday, the league said.
"I wish Fred Wilpon, Saul Katz and Jeff Wilpon all the best and thank them for their longstanding efforts for the Mets," said MLB Commissioner Rob Manfred in a statement.
"On behalf of Major League Baseball, I congratulate Mr. Cohen on his approval of the Major League Clubs. Steve will bring his lifelong passion for the Mets to running his hometown team and he will be supported by a highly regarded baseball leadership." I think Steve will work hard to deliver a team that Mets fans can be proud of. "
Since Citi Field is on New York City-owned public property, Mayor Bill de Blasio was required to approve the sale, which he did shortly after MLB approval. The New York Post reported the city tried to block the team's sale to Cohen.
"The New York Legal Department has completed its legal review of the proposed sale of the Mets," de Blasio said in a statement. "New York City has no objection to the sale and the Mets can proceed with the transaction."
Yoenis Cespedes of the New York Mets stands in the cover circle in front of cardboard fans during a preseason game at Citi Field on July 18, 2020.
Al Bello | Getty Images Sports | Getty Images
Cohen's deal is now officially the most expensive purchase by a North American sports franchise, surpassing David Tepper's acquisition of the Carolina Panthers in 2018, valued at $ 2.2 billion.
Cohen controls a Mets team that is expected to suffer losses well in excess of $ 100 million this year and next. Given the impact of the coronavirus pandemic, sources said CNBC's David Faber.
In August, CNBC reported that Cohen had entered into exclusive negotiations to purchase the Mets and defeated a group led by former Yankees star Alex Rodriguez that included signatory Jennifer Lopez and the Bodyarmor founder, as well as Queens-born Mike Repole. Josh Harris, co-owner of the Philadelphia 76ers, was also interested in buying the MLB team.
Cohen pulled out of an original business to buy the Mets when the Wilpon family tried to run the club after the sale. The previous deal also included awkward language when it came to Mets' regional sports network, SNY, which prompted Cohen to buy back 80% of the franchise initially in February.