Billionaire Steve Cohen reaches agreement to buy Mets

Scott Soshnick of Sportico reported on Monday that billionaire hedge fund manager Steve Cohen is in agreement to buy the New York Mets from the Katz and Wilpon families. 

Soshnick added that 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%.

Interestingly, cable sports network SNY is not part of the deal. It was previously reported that no ownership group would accept an agreement that didn't include SNY. 

It's believed the sale values the Mets at $2.42 billion, which makes the club the most expensive MLB franchise in history to date. Guggenheim Baseball Management, fronted by NBA Hall of Famer and Los Angeles Lakers legend Magic Johnson, purchased the Los Angeles Dodgers for $2.15 billion in April 2012. 

Cohen, who is worth over $10 billion, can't begin redecorating the front office just yet. The 64-year-old must be approved by at least 23 MLB owners during a vote that likely will be held in November.

Deesha Thosar of the New York Daily News tweeted Cohen already has the necessary votes.