Wilpons in talks to sell controlling stake in Mets

Dec. 5 (UPI) -- Billionaire Steve Cohen is negotiating an agreement to increase his investment in the New York Mets, putting a timeline on the Wilpons' control of the team as majority owners.

Sterling Partners -- the company that runs the Mets -- released a statement Wednesday confirming the negotiations. Sources told the New York Times, Forbes and Bloomberg that Cohen is working to purchase a controlling stake of 80 percent of the franchise.

"The Sterling Partners and Steve Cohen are negotiating an agreement in which Steve Cohen would increase his investment in the New York Mets," Sterling Partners said. "As part of that agreement, Fred Wilpon will remain in the role of the control person and CEO for five years and Jeff Wilpon will remain in his role of chief operating officer for the five year period as well.

"Steve Cohen will continue as CEO and president of Point72 Asset Management and his stake in the Mets will continue to be managed by his family office, Cohen Private Ventures."

Sources told Bloomberg and Forbes that Cohen's 80 percent purchase would value the team at $2.6 billion, a Major League Baseball record.

Cohen, 63, is an investor and hedge fund manager with a net worth of $13.6 billion. He became a minority owner of the Mets in 2012 and currently owns an 8 percent stake of the franchise. He previously attempted to buy the Los Angeles Dodgers, but was outbid.

The Wilpons assumed control of the Mets when they bought Nelson Doubleday for $135 million in 2002. The Mets have made the playoffs three times since the Wilpons took control of the franchise, including a 2015 World Series appearance. The franchise hired former player Carlos Beltran to serve as their manager in 2020 after firing Mickey Callaway days after the 2019 season ended.