LOS ANGELES (AFP) -- American hedge fund manager Steven Cohen has agreed to purchase a majority stake in Major League Baseball's New York Mets, for a reported $2.47 billion.
Cohen has worked out a deal to buy the 95 percent stake in the team from the Fred Wilpon and Saul Katz families.
"I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets," the 64-year-old Cohen said on Monday.
Katz is the president of the franchise and Wilpon holds the title of managing partner.
Cohen, an investment tycoon worth over $14 billion, is considered one of the richest men in the country.
The other league owners will have to vote on the approval of the deal. Ownership approval could come as soon as November and is dependent on at least 23 of the current 30 owners signing off on the agreement.