Major League Baseball owners have put their stamp of approval on billionaire Steve Cohen’s purchase of the New York Mets, according to a person familiar with the process.
Cohen was in talks to acquire the team late last year, but the negotiations broke down by February and the owners went looking for other prospective buyers. Among those who battled for the team: Harris Blitzer Sports & Entertainment, owned by Apollo Global Management Inc. co-founder Josh Harris and Blackstone Group Inc. executive David Blitzer, and a group fronted by former major league star Alex Rodriguez and entertainer Jennifer Lopez.
In the end, it was Cohen who won out to take the Mets away from the Wilpon family with a winning bid of more than $2.4 billion. ESPN earlier reported the results of the vote.
With a net worth of $10.1 billion according to the Bloomberg Billionaires Index, Cohen will immediately become the richest owner in baseball.
New York Mayor Bill de Blasio tweeted shortly after the news of the vote that the city law department had “no objections and the Mets can now proceed with the transaction,” ending speculation that Cohen would have one more obstacle to clear before finalizing the deal. A stipulation in the team’s lease agreement for the land Citi Field is built on gave the city the right to approve a change in ownership.
The New York City Law Department has completed its legal review of the proposed sale of the @Mets. New York City has no objections and the Mets can now proceed with the transaction.#LGM
— Mayor Bill de Blasio (@NYCMayor) October 30, 2020
This article was provided by Bloomberg News.
