Steve Cohen Expected to Back Out of Deal to Buy Mets

The New York Post reported Tuesday night that billionaire Steve Cohen has plans to end negotiations to buy the New York Mets. Sterling Partners, owned by the Wilpons, released a statement earlier on Tuesday regarding the matter, amid several reports that Cohen’s majority stake purchase in the Mets may fall through in the near future. David Faber of CNBC and Jon Heyman of MLB Network also confirmed these reports via Twitter.

“The parties are subject to confidentiality obligations, including a mutual non-disclosure agreement, and therefore cannot comment,” said the Wilpons in the statement addressing the billionaire’s rumored plans to back out of the deal. The Post noted that Cohen is unhappy with the terms of this deal changing in its late stages. He has not commented as he is taking the non-disclosure agreement seriously until further notice.

In December, the Mets announced negotiations with Cohen to purchase up to 80% of the team, valued at $2.6 billion. Currently under the Wilpons’ ownership through their real estate company, Sterling Partners, the family was expected to maintain ownership for a five-year period following the deal.

Cohen, who already owns 8% of the team, is a hedge fund founder. The 63-year-old was expected to deliver some of his $13.7 billion net worth into the team as the soon-to-be richest owner in baseball.