New York Mets Sold to Billionaire Steve Cohen

Billionaire hedge fund manager Steve Cohen agreed to terms to buy the New York Mets from the Katz and Wilpon families.

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.

Cohen, who is worth over $10 billion, must be approved by at least 23 MLB owners during a vote that likely will be held in November.