Cohen, who already has a small stake in the baseball club, has to shell out that amount to buy out his co-owners. Ultimately, he acquires a 95 percent stake in the club.
“I am pleased that we have reached an agreement with the Wilpon and Katz families to purchase the New York Mets,” Cohen said in a statement. His spokesman declined to add anything to that.
The owners of the other clubs in the Major League Baseball league have yet to approve the acquisition.
The baseball team’s full value has been set at $ 2.6 billion, roughly $ 2.2 billion, it was reported in December.
Billions of assets
Cohen (64) owns more than $ 14 billion, according to business magazine Forbes. He amassed much of that wealth with his former company, SAC Capital Advisors. The company has made significant profits since it was founded in 1992, but was fined a record fine in 2013 for insider trading.
The New York Mets is the rival of city rivals Yankees, who have been sporting and financially better presented for years.