Mets in Talks to Sell 80% of Team to Billionaire Steve Cohen

The owners of the New York Mets are in talks to sell up to 80% of the Major League Baseball team to billionaire Steve Cohen, who is already an investor in the club, according to person familiar with the matter.

The transaction would value the team at $2.6 billion, said the person, who asked not to be identified because the talks are private. The Mets confirmed the talks in a statement.

Fred Wilpon, the team’s principal owner, will remain in his current role for at least five years, at which time Cohen will have a path to controlling the franchise, said the person. Jeff Wilpon, his son, will remain as the team’s chief operating officer for the five-year period, the person said.

Cohen, whose net worth is $9.2 billion, according to the Bloomberg Billionaires Index, will remain as chief executive of Point72 Asset Management, the person said. He didn’t immediately respond to a request for comment.

Fred Wilpon is making the move as part of estate and philanthropic planning, the person said. The Wilpons will retain a stake in the franchise they assumed control of in 2002, the person said.