Billionaire hedge fund manager Steve Cohen agreed to terms to buy the New York Mets from the Katz and Wilpon families.
Cohen, who currently owns 8% of the franchise, will assume 95% ownership of the Mets.The Katz and Wilpon families will retain the remaining 5%.
Because it is believed the sale values the Mets was $2.42 billion—which makes the club the most expensive MLB franchise in history to date.
The previous record was the $2.15 billion paid for the Los Angeles Dodgers in April 2012.
Cohen, who is worth over $10 billion, must be approved by at least 23 MLB owners during a vote that likely will be held in November.