New York (CNN Business)The New York Mets have agreed to be sold to hedge fund billionaire Steve Cohen, in a deal that will take five years to complete, the team announced Wednesday evening.
During that time the current owner, Fred Wilpon, 83, will continue to serve as the team’s chairman. He bought half the team along with Nelson Doubleday in 1980, and the other half in 2002. Wilpon’s son, Jeff Wilpon, who is the team’s chief operating officer, will remain in that job for five years.
The Mets have struggled to compete against the more popular New York Yankees, and it shows in the team’s financial fortunes as well as their middling success on the field. The team’s fans have often focused their anger and disappointment on the Wilpons for their decisions on whether or not to sign players.