Alternative Investments: Steve Cohen’s Mets Bid Might Come to an End
Cohen reportedly spikes negotiations over change of terms.
Steven Cohen and his pursuit of the New York Mets might be coming to a close. According to MarketWatch, the hedge fund manager is walking away from the Wilpons. Cohen reportedly sought an 80% stake in the National League franchise. However, the Wilpons reportedly changed terms of the deal, a factor that fueled Cohen’s departure from negotiations.
The Mets issued a “non-denial” after rumors emerged about the breakdown.
“The parties are subject to confidentiality obligations, including a mutual non-disclosure agreement, and therefore cannot comment,” a statement from the Mets read.
A deal would have been worth $2.6 billion. In addition, Fred Wilpon would have stayed as the team’s CEO and Jeff Wilpon as CEO for another five years. This would allow Cohen to take control of the company a few years from now.
Steven Cohen and the New York Mets
Cohen hasn’t issued a statement on the deal. He is reportedly bound by an NDA. However, Barstool Sports’ Keven Clancy said Tuesday that he too heard the deal had died.
This is the second time that the Wilbons have failed to sell their team to a hedge fund manager. In 2011, the family failed to strike a deal with David Einhorn, according to the New York Post.
The head of Greenlight Capital publicly walked away from the deal as well and accused the family of bad faith during the latter stages of a deal.
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