Billionaire Steve Cohen In Talks To Buy NY Mets

GREAT NECK, NY — A billionaire hedge fund founder from Great Neck is in talks to buy up to 80 percent of the New York Mets baseball team, according to a report. The transaction would value the team at a record $2.6 billion.

Steve Cohen, founder of the Stamford-based SAC. Capital Advisors — since rebranded Point72 Asset Management — and whom the hit Showtime series "Billions" is based on, would control the team that he grew up rooting for, Bloomberg reported Wednesday. Cohen, a Greenwich resident, is already a minority owner for the team.

Sterling Partners and Cohen Private Ventures confirmed to media outlets in a statement that talks are ongoing to "increase his investment" in the New York Mets. Under the deal, the Mets' principal owner Fred Wilpon would keep his position for at least five years and his son Jeff would retain his position as COO for the same period.

Cohen would keep his position as CEO and president of Point72 Asset Management and his stake in the Mets would continue to be managed by his family office.

Cohen is a familiar name on Wall Street who drew the attention of federal prosecutors. In 2013, his hedge fund pleaded guilty to securities fraud.

The Wilpons bought out Doubleday in 2002 to become the principal owner of the team. Under the Wilpons, the Mets have had mixed success. The team went to the playoffs in 2006, losing in the NLCS to the St. Louis Cardinals, then again in 2015 losing in the World Series to the Kansas City Royals. The following year, the team lost to the San Francisco Giants in the NL Wild Card Game.

A person who is friends with the Mets' new perspective owner in five years, Steve Cohen, says Cohen "will play the game at the highest level" in regards to spending on players.

Written by Daniel Hampton, Patch Staff