Steven Cohen in talks to buy majority stake in the New York Mets

There was some major news in Major League Baseball (MLB) this week as the Sterling Partners, headed by Mets owners Fred Wilpon and Saul Katz, announced they have begun negotiations to sell a majority stake in the team to minority owner Steven Cohen. Once completed, the move would give the hedge-fund manager control over the New York Mets, a prominent baseball franchise that has disappointed fans so far with their financial struggles in recent years. The agreement will see Fred Wilpon remain as control person and CEO for the next five years. Team COO Jeff Wilpon, son of CEO Fred Wilpon will also continue in his role. 

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Steven Cohen on the brink of being the majority owner of the New York Mets

Steven Cohen first got involved with the NY Mets after he bought a small share of the team in 2012. This was during the time the Wilpons were facing financial troubles after losing money in a Ponzi scheme. Steven Cohen paid $20 million for his share at the time, according to reports in the US. According to Forbes, Steven Cohen - soon to be the majority owner of the NY Mets - has an estimated net worth of $13.6 billion. Cohen's acquisition of the NY Mets would value the MLB team at a baseball-record of a reported $2.6 billion. The news of Steven Cohen's move to buy a majority stake in the NY Mets could prove to be good news for Mets fans. Cohen is a known Mets fan, which is not much of a surprise, considering the hedge-fund manager grew up on Long Island, a quick train ride from Flushing Meadows, the Mets’ home since Shea Stadium opened in 1964.

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Steven Cohen tipped to loosen NY Mets' purse strings

The NY Mets have tightened their purse strings of late, with Mets fans bemoaning the lack of investment in the team. When former general manager Sandy Alderson arrived before the 2011 season, the Mets enforced a major slash in their payroll. Rival teams like the Yankees, Dodgers, Cubs and Red Sox, on the other hand, have seen an arguably higher level of spending, leaving the NY Mets behind in recent years.

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