Steve Cohen Set To Buy New York Mets For Cheaper Than First Bid

Eight months after he initially agreed to buy the New York Mets, billionaire Steve Cohen is set to purchase the Major League Baseball franchise at a cheaper price than his initial bid.

Cohen has entered into exclusive talks to acquire the Mets for a valuation of $2.35 billion, Sportico reports, approximately $250 million less than his bid in December. The first deal reportedly fell apart earlier this year because Jeff Wilpon, Mets COO and son of majority owner Fred Wilpon, wanted to stay in his role with the team for another five years.

A deal between Cohen and the Wilpons could become official within a week, according to Sportico. Cohen owns 8% of the Mets. The deal in December would have given him an 80% stake in the franchise.

Multiple groups had been trying to buy the Mets up until a few days ago. That includes a consortium led by Alex Rodriguez and Jennifer Lopez.

The Los Angeles Dodgers were sold in 2012 for $2.15 billion, a record for an MLB franchise.

Cohen has been seen as the favorite to land the Mets. The hedge fund manager has an estimated net worth of $14.6 billion, according to Forbes. Cohen will become the richest principal owner in baseball if his bid is approved.

Mets president Saul Katz pushed for a deal with Cohen to be made when it became clear that Cohen made the highest bid for the team, the New York Post reports.

“Saul wants this done,” a source told the Post’s Thornton McEnery. “It was always going to be Cohen.”

Forbes valued the Mets at $2.4 billion earlier this summer, tying them for 41st among all sports franchises. That valuation ranked New York sixth among all MLB teams.

The Mets reportedly lose at least $50 million a year.