The Wilpons’ reign over the Mets comes to an end – in five years.
Athletic’s Ken Rosenthal says that Sterling Partners and Steve Cohen, the current Mets minority players, plan to increase their investment in the team, eventually ending up becoming majority owners within five years.
STOP: Sterling Partners and Steve Cohen are negotiating an agreement in which Cohen will increase his investment in #Mets, per source. Fred Wilpon will remain Control Person and CEO for five years and Jeff Wilpon will remain COO for five years.
– Ken Rosenthal (@Ken_Rosenthal) December 4, 2019
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Fred Wilpon, today’s majority owner, controls 52% of the group’s shares with his son Jeff. The Wilpons appear to have a five-year watch as the shares may change hands.
Sterling Partners issued a statement on the deal:
Originally a minority shareholder with the Mets, Fred Wilpon became an equal partner with Nelson Doubleday Jr. in 1986, the last year the Mets won the World Series. Fred became the majority owner in 2002 after a bitter dispute with then-partner Nelson Doubleday Jr. which resulted in the sale of Doubleday’s shares to Wilpon.
Cohen is a longtime minority shareholder of the Mets and has been involved in many SEC investigations throughout his life.