Steve Cohen was supposed to save the New York Mets, now he may never get the chance. Reports emerged on Tuesday claiming the billionaire's attempt to become the franchise's primary owner was "on life support" and the purchase appeared to be all but dead.
The disastrous ownership of Fred Wilpon was supposed to be over, instead it looks like it will continue indefinitely. In December it was reported that Cohen planned to buy out Wilpon. The Wilpon family reportedly planned to sell 80 percent of the team to Cohen, but would stay on for at least five years as Cohen transitioned into his ownership role. Not so fast.
The deal has reportedly fallen apart because the Wilpons changed the terms of the deal late in the process and Cohen objected. That means Cohen's entire $2.6 billion bid to buy the team is off the table.
Here's what the New York Post had to say:
Sources close to the situation are confirming that the billionaire hedge fund manager is ending negotiations with the Wilpons on his purchase of an 80 percent stake in the franchise. According to those sources, Cohen is deeply unhappy with the Wilpons changing the terms of the deal at a very late stage and has decided to walk away.
What a disaster.
In response to questions about the rumors, the Mets issued a non-denial:
If Cohen is, indeed, out it would mark a terrible turn of events for Mets fans. The team's supporters want the Wilpons gone but the franchise can't seem to find a viable buyer.