Billionaire Steve Cohen in agreement to buy majority ownership of Mets

Steven A. Cohen wearing a suit and tie Hedge fund manager Cohen founder and chairman of SAC Capital Advisors responds to a question during an interview at the SALT Conference in Las Vegas

An infusion of cash from Cohen could help the Mets become World Series title contenders.

Sources tell FOX Business' Charlie Gasparino that hedge fund titan Steve Cohen's bid values the franchise at more than $2 billion. The old ownership group, the Wilpon and Katz families, will keep the other five percent of the team.

The Mets are valued at $2.475 billion in the deal, according to Newsday's Tim Healey.

The deal will require the approval of at least 23 of the other 29 team owners when Major League Baseball holds a vote, which could come at the owners' meetings in November, Newsday reported.

Cohen edged out a competitive field of prospective buyers that included offers from a group led by former Major League Baseball superstar Alex Rodriguez and actress Jennifer Lopez as well as a group led by Harris Blitzer Sports and Entertainment, the current owners of the NBA's Philadelphia 76ers and NHL's New Jersey Devils. Mainly, because Rodriguez played for the hated across-city rivals, The New York Yankees. The Mets typically lose about $90 million in a normal season.

European Union presses China on market access, human rights during virtual summit
Personnel exchanges must be resumed in an orderly manner, and the cross-border movement of goods should be facilitated, Xi said. In the field of the economy and trade , the cornerstone of China-EU relations, Beijing and Brussels share a promising future.

Cohen also entered negotiations to buy the Mets past year, but the deal fell apart in February.

Financial terms were not disclosed. He bought an 8% limited partnership stake in 2012 for $40 million.

The Sterling Partners have signed an agreement with Steven Cohen pursuant to which Mr. Cohen would purchase the New York Mets. Capital Advisors, pleaded guilty in 2013 to insider trading and agreed with the U.S. Securities and Exchange Commission to pay $1.8 billion in fines and forfeitures. The Wilpon family reportedly would retain a 5 percent stake in the club and ownership of SNY, the team's regional cable network.

Wilpon led a buyout of Doubleday's shares in 2002 and became chairman and sole controlling owner.

Fred Wilpon and team president Saul Katz, brothers-in-law in their early 80s, are selling the team as part of their estate planning.

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