Nationals

Steve Cohen in agreement to buy majority ownership of Mets

Nationals

Billionaire hedge fund manager Steve Cohen has agreed to purchase the New York Mets from the Wilpon and Katz families, the team announced on Monday.

The deal is pending Major League Baseball's approval. Cohen will own 95 percent of the franchise, should the deal go through.

The Mets are valued at $2.475 billion in the deal, according to Newsday's Tim Healey.

Cohen emerged as the favorite to purchase the Mets after they entered exclusive negotiations with the Wilpons in late August after a group headlined by Alex Rodriguez and Jennifer Lopez backed out from the running.

This is the second time Cohen has reached an agreement to buy the team from the Wilpons. They two sides had first reached an agreement last December, but that initial deal fell apart after the Wilpons pushed back to retain a certain share of the club and continue to serve as New York’s primary point of contact with Major League Baseball.