(Reuters) – Billionaire hedge fund manager Steve Cohen confirmed late on Wednesday that he was in talks with the owners of the New York Mets that would see him increase his investment but leave its current owners in charge of the team for another five years.
Bloomberg and other media report on Wednesday that the negotiations were for the sale of an 80% stake that would value the team at $2.6 billion.
Cohen bought a 4% stake in the Mets in 2012.
Under the new deal, Fred Wilpon, who principally owns the team along with his son Jeff Wilpon through investment firm Sterling Partners, will continue as chief executive officer for five years, Cohen’s family office and Sterling said in an email.
Jeff Wilpon will also continue as chief operating officer, the statement said.
Reporting by Manas Mishra in Bengaluru