New York Mets fans are doing cartwheels down 126th Street this afternoon as the news broke that the Wilpon family is in negotiations to relinquish as much as 80 percent of their share of the club to billionaire Steve Cohen, who is already a minority share holder.
Bloomberg News is reporting that “the transaction would value the team at $2.6 billion, said the person, who asked not to be identified because the talks are private. The Mets confirmed the talks in a statement…Fred Wilpon, the teamâ€™s principal owner, will remain in his current role for at least five years, at which time Cohen will have a path to controlling the franchise, said the person. Jeff Wilpon, his son, will remain as the teamâ€™s chief operating officer for the five-year period, the person said.”
From the Mets:
The Sterling Partners and Steve Cohen are negotiating an agreement in which Steve Cohen would increase his investment in the New York Mets. 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.Â 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.
So, the Wilpon’s stranglehold on the Mets will soon be over and with it could be the small-minded, small-market philosophy that has held the team back from competing with the Yankees, Dodgers, Braves, Cubs and others for top free agents.