Sources: Possible Sale Of New York Mets To Billionaire Steve Cohen Is In Jeopardy
NEW YORK (CBSNewYork/AP) -- The possible sale of the New York Mets is now up in the air.
According to CBS2's source, the Mets sale to billionaire Steve Cohen is in jeopardy.
The deal with the hedge fund titan to purchase the Mets from the Wilpons is reportedly falling through, though no specific reasons were given.
When pressed for a comment, the Mets didn't deny the rumor.
Instead, the Sterling Partners released a statement saying, "The parties are subject to confidentiality obligations, including a mutual non-disclosure agreement, and therefore cannot comment."
Cohen, 63, first bought into the Mets in 2012 when the team sought $20 million minority investment stakes following the collapse of Bernard Madoff's Ponzi scheme, which cost the Wilpons and their companies large amounts.
Cohen is CEO and president of Point72 Asset Management and his stake in the Mets will continue to be managed by his family office, Cohen Private Ventures, the Mets said.
Cohen controlled SAC Capital Advisors, which in 2013 pled guilty to criminal fraud charges. SAC agreed to pay a $900 million fine and forfeit another $900 million to the federal government, though $616 million that SAC companies had already agreed to pay to settle parallel actions by the U.S. Securities and Exchange Commission was to be deducted from the $1.8 billion.
(© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)