Steve Cohen has been approved to take over as owner of the New York Mets.
ESPN's Jeff Passan was the first to report Cohen's approval.
New York City Mayor Bill de Blasio also announced the New York City Law Department has approved the deal:
Cohen was competing to purchase the franchise from, among others, a group led by former American League MVP Alex Rodriguez and his fiancee, Jennifer Lopez.
Rodriguez and Lopez issued a statement on Aug. 28 that they were no longer in the running to purchase the Mets.
Cohen and Saul Katz reached an agreement to buy the Mets last December that would have allowed current owner Fred Wilpon to remain the controlling owner and CEO for five years.
The Mets announced in February that deal fell through, but they would continue to explore potential sale options.
Cohen originally purchased an 8 percent stake in the organization in 2012. Wilpon became the Mets' controlling owner in 2002 after originally buying a stake in the franchise in 1980.