A couple of days ago, reports about Steve Cohen’s deal to buy the New York Mets were not positive. The pact was about to collapse, and in reality, it is still uncertain if it is ever going to be completed. But at least, now there is a glimpse of hope.
Danny Abriano of SNY wrote that on late Wednesday, Kevin Draper, David Waldstein, and James Wagner of the New York Times reported more details about the bump in the road that the potential deal had hit.
The Times cited three people that chose to spoke on the condition of anonymity. They explained that the deal was about to go through when the snag occured.
Cohen was, according to the New York Post, “deeply unhappy” with the terms of the deal changing “at a very late stage and had decided to walk away.”
The problem was, according to the Times, the timing of when the new owner would assume control of the Mets and the schedule of payments he was to make.
The deal to acquire the Mets is not dead, at least not yet
But don’t assume the deal is dead just yet: the people who spoke with the Times are cautioning that “the deal could still go through.”
The Times explained that “while the dispute is very real, they said, both sides could also be jockeying to gain leverage in a final deal.”
Right after reports of the collapsing deal hit the Internet on Tuesday night, the Mets issued a note saying that they weren’t able to confirm or deny because of the existence of a mutual non-disclosure agreement.
“The parties are subject to confidentiality obligations, including a mutual non-disclosure agreement, and therefore cannot comment,” the Mets said.
Cohen’s intentions to buy the Mets, and the materialization of that bid, first came to light on December 4. That day, Sterling Partners and Cohen Private Ventures released the following statement:
“The Sterling Partners and Steve Cohen are negotiating an agreement in which Steve Cohen would increase his investment in the New York Mets, the statement reads. As part of that agreement, Fred Wilpon will remain in the role of the Control Person and CEO for five years and Jeff Wilpon will remain in his role of Chief Operating Officer for the 5 year period as well.Steve Cohen will continue as CEO and President of Point72 Asset Management and his stake in the Mets will continue to be managed by his family office, Cohen Private Ventures.”
Cohen acquired a four percent stake of the Mets in 2012 for $20 million.