ARLINGTON, Texas — The proposed purchase of 95% of the New York Mets by an entity of billionaire hedge fund manager Steve Cohen has been approved by Major League Baseball’s ownership committee, and final approval is likely to take place in the next month.
Approval by the committee was disclosed Tuesday by a person familiar with the decision who spoke to The Associated Press on condition of anonymity because no announcement was made. Committee approval was first reported by Sportico.
Baseball’s executive council will consider the deal next and is expected to forward it for a vote by all major league owners. The sale values the franchise at $2.4 billion to $2.5 billion.
The current Mets ownership group is headed by Fred Wilpon, brother-in-law Saul Katz and Wilpon’s son Jeff, the team’s chief operating officer. The Wilpon and Katz families would retain 5% of the team.
Cohen first bought into