The Wilpons' reign over the Mets is coming to an end — in five years.
The Athletic's Ken Rosenthal reports that The Sterling Partners and Steve Cohen, current minority stakeholders of the Mets, plan to increase their investment in the team, eventually resulting in becoming majority owners in five years.
BREAKING: The Sterling Partners and Steve Cohen are negotiating an agreement in which Cohen would increase his investment in the #Mets , per source. Fred Wilpon will remain Control Person and CEO for five years and Jeff Wilpon will remain COO for five-year period as well.
— Ken Rosenthal (@Ken_Rosenthal) December 4, 2019
Fred Wilpon, current majority owner, controls 52 percent of the shares with the team along with son Jeff. The Wilpons appear to have a five-year clock as the shares potentially change hands.
Sterling Partners released a statement on the negotiation:
— Justin Toscano (@JustinCToscano) December 4, 2019
Originally a minority shareholder with the Mets, Fred Wilpon became equal partners with Nelson Doubleday Jr. in 1986, the last year the Mets won the World Series. Fred became majority owner in 2002 after a bitter dispute with then-partner Nelson Doubleday Jr. that resulted in the sale of Doubleday's shares to Wilpon.
Cohen is a long-time minority shareholder of the Mets, and has been embroiled in several SEC investigations throughout his life.