The owners of the Mets are in negotiations to sell up to 80% of the team to billionaire Steve Cohen, according to Bloomberg News.
Bloomberg reports the transaction would value the franchise at $2.6 billion.
The Mets released a statement on Wednesday to confirm the talks and said principal owner Fred Wilpon will remain in his current role for five years. His son, Jeff Wilpon, will also remain the team's chief operating officer for the five-year period. After that time, Cohen would control the franchise and the Wilpons will retain a stake in it, Bloomberg reports.
Cohen, 63, is already an investor in the Mets and is valued at $9.2 billion by the Bloomberg Billionaires Index. He will remain the CEO of Point72 Asset Management and his stake in the Mets will continue to be managed by his family office, Cohen Private Ventures.
The team's finances have been criticized since owners Fred Wilpon and Saul Katz invested money with Bernie Madoff. The owners' involvement in Madoff's ponzi scheme made a mess of the club's finances, and they later agreed to pay $162 million to settle a lawsuit filed by the liquidator of Madoff's firm. In 2010, Major League Baseball loaned the Wilpons $25 million to assist the club's finances.
The Mets have reached the playoffs three times–including an appearance in the 2015 World Series–since Fred Wilpon assumed control of the team from Nelson Doubleday in 2002.