Hedge fund billionaire Steve Cohen is negotiating to buy New York Mets
of the parent of British soccer team Manchester City for $500 million. The financing details of Cohen’s purchase of the Mets remain unclear, and any deal needs to be approved by Major League Baseball.
Cohen is one of the most successful hedge fund managers ever and runs Point72 Asset Management. His net worth is estimated by. He shut his previous hedge fund firm, SAC Capital, after it pleaded guilty to insider trading charges. Cohen was never accused of wrongdoing. Cohen has long had an interest in buying a baseball team and has long had a relationship with the Wilpon family. He became a minority owner of the Mets in 2012 and now owns an 8% stake in the baseball team. Cohen tried to buy the Los Angeles Dodgers in 2012 but was outbid by Mark Walter and Guggenheim Partners.
Cohen has been a Mets fans since 1963, when his grandfather took him to his first Mets game at the Polo Grounds. After the Mets moved to Shea Stadium in Queens, Cohen would attend games, traveling from his home nearby on Long Island. Cohen issued a statement to his hedge fund’s investors on Wednesday assuring them he intended to remain deeply involved in trading activities and asset management. “If this deal goes through, I expect that my roles at Point72 will not change,” Cohen wrote. “I will continue running the Firm while trading my book.”
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