Reports came out on Tuesday afternoon that billionaire Steve Cohen was close to abandoning his bid to purchase a majority stake in the Mets.
At the time, Thornton McEnery of the New York Post reported that Cohen was "deeply unhappy" with the terms of the deal changing "at a very late stage and has decided to walk away."
Late Wednesday, Kevin Draper, David Waldstein, and James Wagner of the New York Times shed light on the snag the potential deal had hit.
Citing three people who spoke on the condition of anonymity, the Times reported that the deal was moving toward a conclusion when the snag happened. According to two of those people, the issue revolved around the timing of when Cohen would assume control of the team and the schedule of payments he was to make.
While the deal has hit a snag, the sources who spoke with the Times "cautioned that the deal could still go through."
The Times added:
"While the dispute is very real, they said, both sides could also be jockeying to gain leverage in a final deal."
When reports first came out on Tuesday that the deal could be in jeopardy, the Mets issued a statement while citing a mutual non-disclosure agreement.
"The parties are subject to confidentiality obligations, including a mutual non-disclosure agreement, and therefore cannot comment," the team said.
Cohen's bid to purchase a majority stake in the Mets first came to light on Dec. 4, with Sterling Partners and Cohen Private Ventures releasing the following statement at the time:
"The Sterling Partners and Steve Cohen are negotiating an agreement in which Steve Cohen would increase his investment in the New York Mets, the statement reads. As part of that agreement, Fred Wilpon will remain in the role of the Control Person and CEO for five years and Jeff Wilpon will remain in his role of Chief Operating Officer for the 5 year period as well.Steve Cohen will continue as CEO and President of Point72 Asset Management and his stake in the Mets will continue to be managed by his family office, Cohen Private Ventures."
Cohen bought a four percent stake in the Mets in 2012 for $20 million. He was also part of a bid to purchase the Dodgers around the same time.
The 63-year-old Cohen -- a native of Great Neck, NY -- is an investor and hedge fund manager who has founded S.A.C. Capital Advisors and Point72 Asset Management.
Fred Wilpon has been the majority owner of the Mets since 2002, when he bought out Nelson Doubleday.
Doubleday and Company and Wilpon purchased the Mets from the Payson family in January of 1980.
