Hedge fund billionaire Steve Cohen has “entered exclusive negotiations” to buy the Mets, according to sources. Cohen “fended off challenging bids” from a group of investors led by Alex Rodriguez and Jennifer Lopez, as well as a bid from a group led by 76ers and Devils co-Owners Josh Harris and David Blitzer. While Cohen has “not reached a definitive agreement to purchase the club, he is expected to do so within days.” Unlike his previous deal, any new purchase agreement “would give him control of the team immediately.” Sources said that any new owner of the Mets will face losses “well in excess” of $100M this year and next, given the “impact of the coronavirus pandemic” (CNBC.com, 8/29).
Sources said that the deal is “rumored to be in the ballpark” of $2.4B, a figure that would be roughly $200M less than what Cohen “offered the last time he agreed to buy the team” in December ’19. Final bids on the team were due Monday, but sources said that Mets President and co-Owner Saul Katz “played a key role in pushing for talks with Cohen to start as soon as possible once it became clear his bid was the highest.” Another source said that Cohen’s was “at least” $100M more than the next closest bid submitted by Rodriguez and Lopez, who in a statement announced that they had pulled out of the process (N.Y. POST, 8/29). Sources said that Mets COO Jeff Wilpon is "not involved" in sale talks "after complicating a prior sale agreement” with Cohen (N.Y. POST, 8/29).
