Steve Cohen expected to buy Mets
The New York Mets are set to have a new owner, and it will likely be Steve Cohen.
Cohen has entered exclusive negotiations to buy the Mets and is expected to reach a deal to purchase the team within days, according to CNBC’s David Faber.
Steve Cohen has entered exclusive negotiations to buy the NY Mets and is expected to reach a deal to purchase the team within days, according to people familiar with the process. Other bidders, including the group led by Alex Rodriguez, are no longer in pursuit of the club.
— David Faber (@davidfaber) August 29, 2020
A group led by Alex Rodriguez and Jennifer Lopez said in a statement that they were exiting negotiations despite submitting an offer for a record amount for the team.
— Ken Rosenthal (@Ken_Rosenthal) August 29, 2020
Submitting an offer for a record amount does not necessarily mean their bid was higher than Cohen’s. Even if it was, that doesn’t mean MLB would have approved it.
Cohen, 64, is a hedge fund manager and worth an estimated $14 billion as of February. He was originally set to buy the team in February, but the deal fell through. The Mets then solicited new bids for the team this summer, at which time Rodriguez’s group and others submitted bids.
Why would the Mets sell to the same guy with whom a deal previously fell apart? There is a good reason they preferred Cohen to A-Rod’s group.