MLB team owners approved the sale of the New York Mets to hedge fund manager Steve Cohen, which was worth a reported $2.4 billion. Cohen assumes control of a Mets franchise that had been under the stewardship of the Wilpon family for 34 years.
Though, the official breakdown of the ownership is 95% belonging to an entity overseen by Cohen, while the Wilpon and Katz families share the remaining 5% of the team.
“This is a significant milestone in the history of this storied franchise,” Cohen said in a statement. “I want to thank everybody who helped make this happen. The 2021 season is right around the corner and we’ve got a lot of work to do, so I’m excited to get started. Let’s go Mets!”
Cohen has promised to lead the Mets franchise into better success, and while time will ultimately be the judge, his tenure as controlling owner already is off to a historic start.
The reported $2.4 billion sale price of the Mets is the most in MLB history, surpassing the $2 million paid by Guggenheim Baseball Management to purchase the Los Angeles Dodgers from Frank McCourt in 2012.
McCourt purchased the Dodgers from NewsCorp in February 2004 for $420 million in a deal that was heavily financed.
Guggenheim reaching an agreement to take ownership of the Dodgers ended a months-log process as it was in November of 2011 that McCourt signed off on selling the team, Dodger Stadium and surrounding real estate.
The sale price shattered the $1.47 billion Malcolm Glazer paid for English soccer team, Manchester United, in 2005.
At the time, Guggenheim Baseball Management was headed by principle owner Mark Walter and included team president and CEO Stan Kasten, and part-owners Todd Boehly, Peter Guber, Magic Johnson and Bobby Patton.
Dodgers ownership group grows
Guggenheim immediately put financial resources into Dodger Stadium and the roster, and in recent years have added to the ownership group. It now includes Billie Jean King and Ilana Kloss, who joined in 2018 as minority stakeholders, and in 2019 Alan Smolinisky and Robert L. Plummer were added as part owners as well.
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