The agreement is subject to approval by MLB team owners. At least 23 owners would have to vote in favor of Cohen taking control of the Mets in order for the deal to be finalized.
“I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets,” said Cohen, who already held an 8 percent stake in the team.
The deal’s financial terms were not disclosed. Sportico reported that Cohen will own about 95 percent of the franchise, with the Wilpon and Katz families holding the remaining 5 percent. The agreement purportedly values the franchise at $2.42 billion, which would establish a new MLB record.
If approved, the agreement would conclude a lengthy sales process. Cohen originally agreed to buy a majority stake in the Mets last December, but the initial deal fell apart after the two sides failed to agree on how quickly Cohen would assume operational control.
Cohen would become one of the richest team owners in professional sports, with a personal net worth of more than $14 billion, according to Forbes.
Cohen edged out a competitive field of prospective buyers that included offers from a group led by former MLB superstar Alex Rodriguez and actress Jennifer Lopez as well as a group led by Harris Blitzer Sports and Entertainment, the current owners of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils.
This is a breaking story. Check back for updates.