Steve Cohen Reportedly Leader to Buy Mets; Alex Rodriguez, Jennifer Lopez Out

Paul KasabianSenior ContributorAugust 29, 2020

FILE - In this Oct. 29, 2015, file photo, members of the media and grounds crew work on the field at Citi Field in New York, the day before Game 3 of the World Series between the Mets and the Kansas City Royals at the stadium. Baseball Commissioner Rob Manfred says talks have ended over the proposed sale of a controlling share of the Mets from the families of Fred Wilpon and Saul Katz to hedge fund manager Steven Cohen. (AP Photo/Peter Morgan, File)

Peter Morgan/Associated Press

Billionaire hedge fund manager Steve Cohen appears to have won the bidding war for the New York Mets.

Per David Faber of CNBC, Cohen is in "exclusive negotiations" to buy the team, and a "definitive agreement" is expected to occur "within days."

If an agreement comes to fruition, then Cohen will have beaten out a few strong contenders for the franchise, including one group that included Jennifer Lopez and Alex Rodriguez and another led by Philadelphia 76ers and New Jersey Devils principal owner Josh Harris.

The Lopez-Rodriguez group confirmed, per Ken Rosenthal of Fox Sports and The Athletic, that it is out of the negotiation process:

Ken Rosenthal @Ken_Rosenthal
Per @DavidFaber, Steve Cohen has entered exclusive negotiations to buy the Mets and is expected to reach a deal within days. This is a statement from Alex Rodriguez. https://t.co/K1hqQSqslt

Per Forbes, Cohen has a net worth of $14.6 billion. He oversees Point72 Asset Management, which Forbes described as "a $16 billion hedge fund firm that started managing outside capital in 2018."

Cohen owns 8 percent of the team already, with Fred Wilpon acting as the principal owner. In February, Cohen was close to a $2.6 billion deal to buy an 80 percent share of the squad before it fell through.

Of note, the Wilpons wanted to retain operational control for a five-year period, while it was Cohen's understanding he would earn that when the sale was final.

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Regardless of the logistics then, Cohen is reportedly in the driver's seat now to own the Mets, who will be entering their 60th MLB season in 2021. The Wilpons have had a piece of the team for roughly two-thirds of those campaigns after Fred Wilpon bought a piece of the team in 1980 alongside Nelson Doubleday Jr.