The deal is reportedly worth $2.4 billion. This would make it the largest deal for a North American sports tem in history.
"I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets," Cohen said in a statement.
Cohen will own 95 percent of the club, with the Wilpon and Katz families owning the remaining 5 percent. SNY is reportedly not part of the deal.
The transaction is subject to the approval of the MLB club owners.
Cohen grew up on Long Island, and is a lifelong Mets fan.
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