Sale of Mets to Steve Cohen approved; Wilpon era nears end
NEWYORK(AP) » The Wilpon family’s control of the New York Mets neared its end after 34 years when Major League Baseball owners voted Friday to approve the sale of the team to billionaire hedge fund manager Steve Cohen.
The vote was 26- 4, a person familiar with the meeting told The Associated Press, speaking on condition of anonymity because the balloting was not announced. Cohen needed 75% approval.
The transfer from the Wilpon and Katz families values the franchise at between $2.4 billion and $2.45 billion, a record for a baseball team that tops the $2 billion sale of the Los Angeles Dodgers from Frank McCourt to Guggenheim Baseball Management in 2012. The Mets sale is likely to close within 10 days.
Cohen pledged to inject about
$9.5 million in additional payments this offseason for pandemic-hit employees.
“I am humbled that MLB’s owners have approved me to be the next owner of the New York Mets,” Cohen said in a statement. “Owning a team is a great privilege and an awesome responsibility.”
An entity controlled by Cohen will own 95% of the franchise, and the Wilpon and Katz families will retain 5% of the team.
Former Mets general manager Sandy Alderson will return as team president.
“My family and I are lifelong Mets fans, so we’re really excited about this,” Cohen said. “With free agency starting Sunday night, we will be working towards a quick close.”
Cohen said all Mets employees, including unionized groundskeepers, security guards and engineers, will receive restored pre-pandemic salaries as of Sunday that reverse 5- 30% salary cuts begun in March. He valued the restoration at over $7 million.
A seasonal relief fund will start Sunday and run through opening day for about 1,000 Citi Field employees of subcontractors that makes each eligible for $500 monthly, a commitment of about $ 2.5 million.
Cohen pledged to “dramatically increase” giving by the Mets Foundation and to prioritize notforprofits and causes in the Citi Field area. He agreed to donate $ 17.5 million to programs developed by New York City to make grants to area small businesses through the New York City Economic Development Corporation.
Cohen made his announcement as New York City Mayor Bill de Blasio said the city does not object to the sale. The city had the right to review the proposed transfer of the lease of Citi Field, the Mets’ home since 2009.
The current Mets ownership group is headed by Fred Wilpon, brother-inlaw Saul Katz and Wilpon’s son, Jeff, the team’s chief operating officer. Fred Wilpon turns 84 on Nov. 22 and Katz is 81.