On Wednesday, the New York Mets announced that minority owner Steve Cohen is negotiating with Fred Wilpon's holding company, Sterling Partners, to acquire a larger stake of the club. As part of the agreement, both Fred Wilpon and his son, Jeff Wilpon, will remain in their respective roles with the organization for the next five years.
"The Sterling Partners and Steve Cohen are negotiating an agreement in which Steve Cohen would increase his investment in the New York Mets," the club said in a statement. "As part of the agreement, Fred Wilpon will remain in the role of the Control Person and CEO for five years and Jeff Wilpon will remain in his role of Chief Operating Officer for the five-year period as well."
"Steve Cohen will continue as CEO and President of Point72 Assest Management and his stake in the Mets will continue to be managed by his family office, Cohen Private Ventures."
According to Bloomberg, current Mets ownership is in talks to sell up to 80 percent of the club to Cohen, a billionaire. If the transaction were to go through, it would value the Mets at $2.6 billion, Bloomberg reports. In 2012, Cohen spent $20 million to buy a four percent stake in the Mets. Sterling Partners currently owns about 68 percent of the team.