Report: Steve Cohen Breaks Off Talks To Buy Mets

Billionaire Was Negotiating To Acquire Majority Stake

Rob Lep
February 04, 2020 - 4:59 pm
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Mets minority owner Steve Cohen is reportedly ending his negotiations with the Wilpons on his purchase of an 80% stake of the club.

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The New York Post confirmed Tuesday that talks between the two sides have broken off. The Mets issued a statement after the rumors surfaced.

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

The Post also reported that Cohen is taking the NDA very seriously so it's unlikely we'll hear from him anytime soon on the deal, or lack thereof.

Originally, Kevin Clancy of Barstool Sports said on the "We Gotta Believe" Mets podcast Tuesday that he had heard rumors the deal was dead, which then prompted reporters to ask the Mets if there was any validity to them. The team neither confirmed nor denied that talks are continuing.

Steve Cohen
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 transaction would reportedly value the franchise at $2.6 billion overall. 

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

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

This is now the second time in recent years that a deal between the Mets and a local hedge fund billionaire has failed. Back in 2011, they had a deal with David Einhorn, before he ultimately ended up backing out, accusing the Wilpons of bad faith in the end stages of the negotiations.

Pitchers and catchers report to Port St. Lucie, Florida, for spring training Monday.

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