Billionaire hedge fund manager Steve Cohen agreed to buy the New York Mets from the Katz and Wilpon families yesterday.
Cohen, who currently owns 8% of the franchise, will assume 95% ownership of the Mets.The Katz and Wilpon families will retain the remaining 5%.
Because it is believed the sale values the Mets was $2.42 billion—which makes the club the most expensive MLB franchise in history to date.
The previous record was the $2.15 billion paid for the Los Angeles Dodgers in April 2012.
Of course, the Dodgers have pretty much made the playoffs every season since.
Much better return on investment.
Cohen, who is worth over $10 billion, can't begin redecorating the front office just yet. The 64-year-old must be approved by at least 23 MLB owners during a vote that likely will be held in November.