Reports indicate that the New York Mets have finally been sold to billionaire investor Steve Cohen. Mets fans around the world are rejoicing at the news, having wanted Fred Wilpon to sell the team for years now. But many sports fans may be wondering who would want to buy the Mets.
The team is known as possibly the most dysfunctional in Major League Baseball. Fred Wilpon and his son Jeff are accused by fans of mismanaging the team. And the Wilpon family has had problems since its involvement in the Bernie Madoff scandal. The WIlpons escaped the Ponzi scheme unscathed and with profits and so Federal authorities forced them to turn over a lot of their money towards reimbursing Madoff’s victims.
The 64 year old Steve Cohen is reportedly worth more than $14 Billion. According to Forbes, Steve Cohen oversees Point72 Asset Management, a $16 billion hedge fund firm that started managing outside capital in 2018.
For years Cohen ran SAC Capital, one of the most successful hedge funds ever. Cohen was forced to shut down SAC Capital after the firm pleaded guilty to insider trading charges that cost Cohen $1.8 billion in penalties.
Point72 has reopened to outside money in 2018 after expiration of a two-year supervisory bar from the Securities and Exchange Commission.
Cohen has given $715 million to philanthropic causes over his lifetime, including causes related to veterans and children’s health.
The New York Mets have not won a World Championship since 1986. Since then they have won only two pennants and two division titles. Meanwhile, their crosstown rivals the New York Yankees have won five World Championships, six pennants and more than a dozen division titles since then.
No details have yet been released about the deal. A previous purchase by Cohen was announced last December, but it fell apart in February. Mets fans will be holding their breath until this deal is made official.
Alex and I are so disappointed!! We worked so hard the past 6 months with the dream of becoming the first minority couple and the first woman owner to buy her father’s favorite Major League Baseball team with her own hard earned money. We still haven’t given up!! #NY4ever pic.twitter.com/sBBkliUjoL
— jlo (@JLo) August 29, 2020
But one thing is certain: Mets fans are relieved that Jennifer Lopez and Alex Rodriguez will not be buying the team. Most baseball fans see Rodriguez as a cheater who used PEDs and people just don’t like him. The combined narcissism of JLO and AROD would probably have outmatched the darkest years of George Steinbrenner’s reign in the Bronx.
“The consortium led by Alex Rodriguez and Jennifer Lopez has informed the Mets that they are no longer pursuing the acquisition of the team,” the statement read. “The consortium, which included Vincent Viola, Mike Repole and Marc Lore had submitted a fully funded offer at a record price for the team which was supported by binding debt commitments from JP Morgan and equity commitment letters from credit worthy partners.
“The consortium said they are disappointed to not be part of the revitalization of New York City and provide an exhilarating experience for the fans and wish the Wilpon family and the entire Mets organization well.”
Jennifer Lopez tweeted: “Alex and I are so disappointed! We worked so hard the past 6 months with the dream of becoming the first minority couple and first woman owner to buy her father’s favorite Major League Baseball team with her own hard earned money. We still haven’t given up!! #NYForever.”