MLB owners approve sale of Mets to Steve Cohen

Major League Baseball owners voted Friday to approve sale of New York Mets to billionaire hedge fund manr Steve Cohen.

sale from Wilpon and Katz families values franchise at between $2.4 billion and $2.45 billion, a record for a baseball team. sale is likely to close within 10 days.

An entity controlled by Cohen will own 95% of franchise, and Wilpon and Katz families will retain 5% of team.

Former Mets general manr Sandy Alderson will return as team president.

New York City Mayor Bill de Blasio said Friday that city does t object to sale. city h right to review proposed transfer of lease of Citi Field, Mets' home since 2009.

current Mets ownership group is heed by Fred Wilpon, bror-in-law Saul Katz and Wilpon’s son Jeff, team’s chief operating officer.

64-year-old Cohen is CEO and president of Point72 Asset Manment. He first bought an 8% limited partnership stake in 2012 for $40 million.

publisher Doubleday & Co. bought Mets in 1980 from family of founding owner Joan Payson for $21.1 million, with company owning 95% of team and Wilpon controlling 5%.

When Doubleday & Co. was sold to Bertelsmann AG in 1986, publisher sold its shares of team for $80.75 million to Wilpon and Nelson Doubleday, who became 50-50 owners.

Wilpon completed his buyout of Doubleday in August 2002, ending what h become an acrimonious partnership. Under original appraisal, Doubleday would have received $137.9 million — half team’s $391 million value after accounting for debt. Wilpon sued, and sides n settled.

Cohen controlled SAC Capital visors, which in 2013 pleed guilty to criminal fraud charges. SAC agreed to pay a $900 million fine and forfeit ar $900 million to federal government, though $616 million that SAC companies h alrey agreed to pay to settle parallel actions by U.S. Securities and Exchange Commission was to be deducted from $1.8 billion.

Im credits: AP