Ken Rosenthal of The Athletic dropped a bombshell Wednesday afternoon. He announced the Wilpons are selling their majority stake in the New York Mets to Steve Cohen. Scott Soshnick of Bloomberg.com went into even greater depth.
Soshnick reports that the Wilpons are selling up to 80% of their shares in the team. However, Cohen’s takeover of the majority ownership will not come for five more years.
This is part of a staggered purchase of the team. Cohen will pay for his shares in stages over the next five seasons. In exchange, the Wilpons get to keep their titles for the next five years and will still own a minority share in the team after the sale.