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The New York Mets have long been known as the Amazin' Mets, but now they have a new owner who may be even more amazing. Billionaire Steve Cohen, a hedge fund magnate, has agreed to purchase the team in a deal that could be worth up to $2.6 billion.
The sale of the Mets to Cohen, which is subject to approval by Major League Baseball, is the result of a long and convoluted process that has seen the team’s current owners, the Wilpon family, attempt to find a buyer since they bought the team in 2002.
The Wilpons’ ownership has been characterized by frustration, with the team never winning a World Series and spending much of the past two decades in the bottom third of the league in terms of payroll. And yet, the Wilpons had a legion of devoted fans, many of whom were eager to see a new owner take the helm.
Enter Cohen, who first expressed interest in buying the team in late 2019. His initial bid of $2 billion was rejected by the Wilpons, who were reportedly looking for a price closer to $2.5 billion. After months of negotiations, Cohen upped his offer to $2.6 billion, an amount that was ultimately accepted.
Cohen's wealth is estimated to be around $14 billion, so he can certainly afford the purchase price. But it's not just his money that has Mets fans excited. Cohen has already made several moves to show he is serious about winning, signing star players such as catcher Wilson Ramos and outfielder Michael Conforto to multi-year deals.
Cohen's tenure as owner will likely be full of both highs and lows. He will face the challenge of turning the Mets into a winning team while also trying to manage the team's financial losses, which have been significant in recent seasons.
The Mets' new owner is certainly an interesting one, and it will be fascinating to see what he can do with the team over the next few years. If he is successful, Mets fans may have a lot to cheer about in the near future. If not, Cohen's tenure as owner may be characterized by a lot of maddening money-losing bids.