Hedge fund billionaire Steve Cohen reportedly reaches deal to become Mets owner

NEW YORK NY- JANUARY 24 New York Mets Chief Operating Officer Jeff Wilpon and Chairman of the Board & Chief Executive Officer Fred Wilpon listen in as Luis Rojas is introduced as the team's new manager at Citi Field

NEW YORK NY- JANUARY 24 New York Mets Chief Operating Officer Jeff Wilpon and Chairman of the Board & Chief Executive Officer Fred Wilpon listen in as Luis Rojas is introduced as the team's new manager at Citi Field

Rodriguez and Lopez added several high-profile investors to their group's reported $2 billion offer, but were unable to eclipse the bid put forth by Cohen.

Billionaire Steve Cohen has reached an agreement to purchase majority ownership of the Mets from the Wilpon and Katz families, the team announced Monday. Cohen will need approval from 23 of 30 owners, but reporting out there indicates that's likely to come.

Cohen had a separate deal to buy the Mets fall apart at the eleventh hour earlier this year.

The assumption has been that Cohen, who is set to become the wealthiest majority owner in Major League Baseball, will drastically alter the Mets' aggressiveness on the free-agent market.

The deal's financial terms were not disclosed.

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The Wilpon and Katz families have owned at least a portion of the Mets since 1980 and at least 50% since 1986.

The Mets are valued at $2.475 billion in the deal, according to Newsday's Tim Healey.

If approved, the agreement would conclude a lengthy sales process.

Cohen had always been considered the favorite to buy the team, given his enormous wealth, believed to be over $14 billion, according to Forbes.

Cohen edged out a competitive field of prospective buyers that included offers from a group led by former Major League Baseball superstar Alex Rodriguez and actress Jennifer Lopez as well as a group led by Harris Blitzer Sports and Entertainment, the current owners of the NBA's Philadelphia 76ers and NHL's New Jersey Devils.

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