Nationals

Mets sale to Steve Cohen approved by MLB, New York City

Nationals

Steve Cohen's purchase of the New York Mets has cleared the final hurdles necessary for the billionaire hedge fund manager to become the new owner of the team.

New York mayor Bill de Blasio announced Friday that the city completed its review of the proposed sale and had no objections.

Shortly before de Blasio's announcement, ESPN's Jeff Passan reported that MLB owners also voted to approve the sale. Cohen needed 23 of 30 teams, or 75%, to complete the deal.

Cohen, who is now baseball's richest owner, gains control of 95% of the Mets from the Wilpon and Katz families, which will retain the remaining 5%. The team was valued at approximately $2.475 billion.

As one of his first acts as owner, Cohen announced in a statement via New York Post's Joel Sherman, that he's reversing the 5-30% pre-pandemic salary cuts the Mets implemented in March. He also said he would increase the giving of the Mets foundation in coming years and donate $17.5 million to city programs designed to assist small businesses.