Cohen, who is remaining on as CEO and President of Point72 Asset Management, will be the wealthiest owner in baseball once he's installed in his new role.
Doubleday & Co., a publisher, bought the Mets in 1980 from the family of founding owner Joan Payson for $21.1 million, with the company owning 95 percent of the team and Wilpon controlling 5 percent. It did mean all that-refusing even to bid on Manny Machado because the owners didn't like his style, but also refusing to honor a handshake agreement on a minor league contract with Devin Mesoraco or cutting Travis d'Arnaud because of a bad game-but it wasn't just that.
Cohen carries an estimated net worth of $9.2bn, which would make him the richest Major League Baseball team owner.
He is also the basis for actor Damian Lewis's character on the Showtime series, 'Billions, ' which focuses on a billionaire's battles with a federal prosecutor for the Southern District of NY.
Cohen raised $5 billion from outside clients when he turned Point72 from a family office into a hedge fund past year. The case was dismissed in 2011, but was re-opened in 2013, only to be dismissed again in 2016.
Five years is definitely better than 50.
That 2016 dismissal removed another legal overhang for Cohen, who converted SAC into Point72 Asset Management LP after SAC pleaded guilty in 2013 to criminal insider trading charges and paid $1.8 billion in settlements with USA authorities.
Mets followers are (perhaps irrationally) excited for the Wilpons to maneuver on, given years of egg on their faces and public backlash over the Bernie Madoff scandal and questions in regards to the workforce's dedication to successful.
Cohen was not criminally charged.
A new owner could bring about a change in philosophy for the Mets, who have been run like a small-market team despite playing in the largest sports market in the world.
For far too long, the seemingly biggest gripe that Mets fans have against their ownership group is that they do not believe enough money is being invested into the payroll. In 2004, when Stuart Sternberg bought a significant interest in the Rays from Vince Naimoli, it was expected that control would be transferred in two and a half years.
Fred and his brother-in-law Saul Katz, the Mets CEO, were accused of acting in bad faith in their dealings with Madoff over 25 years until December 2008.
But, for some, there's now a light at the end of the tunnel that their Mets could be on their way back to operating like a New York City team instead of like the Brewers or Reds.