No, you’re not dreaming, that headline is real.
According to Ken Rosenthal, amongst many others, that the Sterling Partners and Steve Cohen have negotiated an agreement in which Cohen would increase his investment in the team. The unfortunate part is that the Wilpon’s will stay in control of the team for the next five years. Over the next five seasons, Cohen’s investment will increase. When it is all said and done, Cohen will own 80% of the team.
And the heavens rejoice.
Just a little bit of background on Cohen. He is a hedge fund manager who was born on Long Island. When the Los Angeles Dodgers were up for sale, Cohen was ultimately the runner up, with the team going to a group of investors that included NBA Hall-of-Famer Magic Johnson. Cohen is currently a minority owner of the team, but now he’s going for it all. He has been trying to buy a team for a while, and now he’s getting his wish.
Steve Cohen’s net worth is 14 BILLION DOLLARS, that’s billion with a B. The richest owner of any Major League Baseball franchise right now is Charles Bartlett Johnson, who is the majority owner of the San Francisco Giants. His net worth is $6 Billion, Cohen is worth more than double of that.
I’m not sure if this means more free agency money will be in play now with Cohen’s investment increasing each of the next five seasons, but what it does mean is that these horrible Wilpon’s will be gone in the next five years, and that is a big win