Mets sold to Cohen, pending MLB approval

METS SOLD TO COHEN, PENDING MLB APPROVAL

The New York Mets announced the franchise has been sold to billionaire Steve Cohen, pending Major League Baseball approval.

At least 23 of the 30 owners will need to approve the transaction.

Cohen currently owns eight percent of stock in the franchise. He invested $40 million in 2012 as a limited investor in 2012 following the Bernard Madoff’s Ponzi scheme. The current deal to assume ownership of the franchise is reportedly $2.4 billion.

If approved, Cohen would be the third owner in franchise history. The team was originally owned by Joan Payson. Members of the Payson family sold the team to publisher Doubleday & Co. for $21.1 million in 1980. Doubleday assumed 95% of the ownership and Fred Wilpon had five percent invested. Doubleday & Co. was sold in 1986 and its shares of the team were purchased by Wilpon and Nelson Doubleday for $81 million.

The pair were co-owners until 2002, that is when Doubleday sold share of the franchise to Wilpon.

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