Greenwich billionaire Steve Cohen is once again negotiating to buy the New York Mets, according to reports published over the weekend.
According to CNBC, ESPN and other outlets, Cohen has emerged as the exclusive candidate to acquire the team, after a consortium led by Alex Rodriguez and Jennifer Lopez dropped out. That group confirmed that although it had made “a fully funded offer at a record price for the team,” it was “no longer pursuing the acquisition of the team.”
While financial details have not been disclosed, it is believed that Cohen is offering approximately $2.5 billion for control of the Mets ”“ the same amount he proposed earlier this year. That deal fell apart when current Mets owner Fred Wilpon reportedly tried to retain some control of their regional sports network SNY.
SNY would be a part of this deal, according to some reports.
If an agreement with the Wilpons is reached, Cohen will need the approval of 23 of Major League Baseball”™s 30 team owners. A scandal involving Cohen”™s former investment firm S.A.C. Capital Advisors could play a role. S.A.C. pleaded guilty to insider trading charges in 2013 and paid $1.8 billion in penalties, though Cohen was never charged as an individual.
In a January 2016 settlement of a related civil suit brought by the SEC, Cohen was prohibited from managing outside money until January 2018.
In the wake of the scandal, Point72 Asset Management was established by Cohen in 2014 and S.A.C. ceased all operations in 2016.
