Hedge fund manager Steve Cohen has entered “exclusive negotiations” to become the next owner of the Mets, multiple published reports said Friday.
CNBC’s David Faber broke the news on Twitter, saying that Cohen was in “exclusive negotiations” with the team and was expected to reach an agreement to buy the team “within days.” The news of Cohen being in “exclusive negotiations” was later confirmed by multiple other outlets.
Cohen had been competing with another bid led by pop superstar Jennifer Lopez and former Yankee Alex Rodriguez, who are engaged. Lopez tweeted on Friday a statement indicating that her group was pulling out of the bidding.
Cohen also entered negotiations to purchase the Mets last year, but the deal fell apart in February. He bought an 8% limited partnership stake in 2012 for $40 million. The deal under discussion would have seen him acquire an 80% controlling share in a transaction that values the team at $2.6 billion, and the Wilpons would have remained in place for five years.
Cohen is the president, chairman and CEO of Point72, a hedge fund firm.
He previously founded the now-defunct S.A.C. Capital Advisors in 1992. That firm paid $1.8 billion in 2013 after pleading guilty to criminal fraud charges stemming from an insider trading case. Cohen himself did not admit to wrongdoing, but he did accept a two-year ban from commodities trading, which spanned 2016 and 2017.
Information from the Associated Press was included in this report.