Billionaire hedge fund manager Steve Cohen's $2.42 billion bid to buy the New York Mets was approved by Major League Baseball's ownership committee Tuesday, Sportico reported.
The nod all but ensures that Cohen, 64, will become the new owner of the Mets, per the Sportico report.
Next up for Cohen: a review by the commissioner's executive council, followed by a vote by the full slate of owners.
Pittsburgh Pirates Chairman Bob Nutting chairs the ownership committee, which also includes Chicago White Sox Chairman Jerry Reinsdorf, Chris Ilitch of the Detroit Tigers, Paul Dolan of the Cleveland Indians and Fred Wilpon of the Mets. Wilpon likely had to recuse himself, Sportico reported.
Cohen holds an 8 percent stake in the Mets. Under terms of the proposed sale, he would hold a 95 percent stake while the Wilpon and Saul Katz families would keep 5 percent.
Cohen is worth $14.6 billion, according to Forbes.
--Field Level Media