Mets Respond to Rumors Steve Cohen is Backing Out of Ownership Deal

Team Says It Can't Comment

WFAN.com
February 04, 2020 - 4:59 pm

The Mets issued a statement Tuesday after a rumor surfaced saying hedge fund titan and minority owner Steve Cohen might be backing out talks to buy majority ownership of the team.

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Kevin Clancy of Barstool Sports said on his podcast Tuesday that he's heard such rumors, which prompted reporters to ask the Mets if there was any validity to them. The Mets neither confirmed nor denied that talks are continuing.

“The parties are subject to confidentiality obligations, including a mutual non-disclosure agreement, and therefore cannot comment," the Mets said.

Steve Cohen
Photo credit USA TODAY Images

The Mets announced in December that Cohen was negotiating with the Wilpons' Sterling Partners to acquire a larger stake of the team. Bloomberg reported the Mets were in talks to sell up to 80% of the club to Cohen and that the transaction would reportedly value the franchise at $2.6 billion overall. 

Under the terms of that proposed deal, Fred Wilpon would remain the control person and chief executive officer for five years, and Jeff Wilpon would remain chief operating officer for five years, the Mets said. There would be a pathway for Cohen, 63, to take control of the Mets after five years, according to Bloomberg. 

The Wilpons would retain a minority stake in the team after five years, Bloomberg reported.

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