News broke Wednesday afternoon that New York Mets were negotiating to sell controlling stake in the team to Point72 Asset Management chief executive officer and hedge fund manager Steve Cohen, who currently owns a small percentage of the team. Bloomberg reported that Cohen is prepared to acquire up to 80% of the team, which would be valued at $2.6 billion.
The Great Neck, NY native, who has an estimated net worth of $13 billion, bought a 4% share of the Mets in 2012 for $20 million.
Thursday afternoon, WFAN's Mike Francesa reacted to the reported news of new ownership in Flushing.
"Jerry Jones, Mark Cuban, they are really well known. Known for owning teams. A lot of times guys will buy teams for vanity. They are successful businessmen but nobody knows who they are. But when you own a team, when you own a piece of that city or take over a coveted franchise, you now become a famous person. A famous sports personality. They are a constant. They dont come and go like players. They stay."
"Are they buying the teams purely for fame, because its harder now to make an easy buck on Wall Street... or is the team such a significant invetsment that it attracts these really big business man? These guys know how to make money... these good deals. They light up like a neon sign."
Cohen told CNN Business Wednesday that owning a Major League Baseball team has "always been a dream of mine".
"Look at how much money these franchises are worth ... George Steinbrenner bought the Yankees for less than $10 million. The Yankees are worth around $6 billion dollars. The Dallas Cowboys are worth roughly 5-6 billion. The Wilpons made 10 times on their money."
The Wilpons have been majority owners of the Mets since 2002, when they bought out Nelson Doubleday for $135 million.
"What television has meant to pro sports... you went from players being the best player alive and having to work jobs in the offseason to make ends meet, now guys come in the league, sign one contract, are set for life before ever playing a game. They become corporations, entities into themselves."
Under the Wilpons' ownership, the team has made the playoffs just three times: 2006, 2015 (advanced to the World Series) and 2016.
"You have a guy who has $10 billion dollars and deciding what to do with the rest of his life at 63 years old, already richer than a king, decides to buy the controlling interest in a baseball team because it's good business."
Click the audio player above to listen to Francesa's comments in its entirety.
