The New York Mets have agreed to be sold to hedge fund billionaire Steve Cohen, in a deal that will take five years to complete, the team announced
During that time the current owner, Fred Wilpon, 83, will continue to serve as the team's chairman. He bought half the team along with Nelson Doubleday in 1980, and the other half in 2002. Wilpon's son, Jeff Wilpon, who is the team's chief operating officer, will remain in that job for five years.The Mets have struggled to compete against the more popular New York Yankees, and it shows in the team's financial fortunes as well as their middling success on the field.
6 billion, making them by far the most valuable team in the sport according to Forbes.Read MoreCohen, 63, is CEO and President of Point72 Asset Management, and he will continue in those roles. He bought a small, minority stake in the team in 2012, as the Wilpon family struggled to recover from their losses due to investments with Bernard Madoff. Cohen will end up with majority ownership and total control of the team in five years, according to a person familiar with the transaction.
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