Billionaire hedge fund manager Steve Cohen and the Sterling Partners—the Wilpon and Katz families—have signed an agreement for Cohen to purchase the Mets.
"I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets," Cohen said in a statement.
The sale is subject to the approval of MLB's owners, who are expected to vote on the deal in November.
Fox Business Network’s Charles Gasparino recently reported that Cohen was finalizing his paperwork to become the new owner of the Mets.
Cohen entered exclusive negotiations to buy the franchise in August. He reportedly outbid a group led by Alex Rodriguez and Jennifer Lopez, with the final price checking in around $2.3 billion. 76ers owner Josh Harris was also among the list of suitors bidding for the Mets.
The Mets announced in December 2019 that owners Fred and Jeff Wilpon were looking to sell a majority of the team, which they have controlled since 2002. At the time, the Wilpons were in negotiations to sell up to 80% of the team to Cohen. However, after the hedge fund manager attempted to buy the New York franchise for $2.6 billion in 2019, that deal collapsed as the Wilpons hoped to remain with the club well into the 2020s.
According to Forbes' most recent MLB valuations, the Mets are the sixth highest-valued franchise in MLB at $2.4 billion, up 4% from 2019. New York has 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.
The Mets currently sit at No. 4 in the NL East at 21–26. The club is not in the current 2020 postseason standings.