It turns out that billionaire hedge fund manager Steve Cohen will not buy the New York Mets despite coming agonisingly close with a $2.6 billion bid. According to reports, Steve Cohen tried to alter the terms of the agreement with the Wilpons (the current owners of the Mets). Steve Cohen’s $2.6 billion bid would have netted him an 80% stake in the Mets. Cohen was reportedly unhappy with the fact that even if he was the principal owner of the Mets, Fred Wilpon would remain as the organization's control person for five years according to the agreed deal. Recent reports now indicate that the MLB could block any future bids from the billionaire hedge fund manager after the failed Mets sale.
The Wilpons aren't going to sell the Mets to Steve Cohen, but they still intend to sell the team:https://t.co/DWg8VdZmqV— Anthony DiComo (@AnthonyDiComo) February 7, 2020
According to reporters Josh Kosman and Thornton McEnery, both the Mets and the MLB have been left with a bitter taste in their mouths following Steve Cohen’s takeover bid. The Mets and the MLB reportedly believe that Steve Cohen acted in “bad faith” after he attempted to alter the terms of the takeover agreement agreed with the Mets several months ago. There is now a belief in the MLB that teams are now highly reluctant to deal with any future bids from the billionaire hedge fund manager.
The primary concern resting with Steve Cohen was the role of the ‘Control Person’ at the club, following the now-dead-in-the-water Mets sale. According to the constitution of the MLB, every MLB club is required to have a 'Control Person' who is held accountable for the operation of the franchise and its compliance with the rules and regulations of the MLB. While Cohen himself wanted to be the 'Control Person' at the Mets, the fact that Mets owner Fred Wilpon would be in charge for five years despite Cohen owning a majority of the team’s equity did not go down too well with the controversial hedge fund manager.