Steven Cohen, who founded the Connecticut investment firm SAC Advisors, is set to become one of the $20 million minority investors in the Mets, the Los Angeles Times reported.
Cohen is pursuing a full purchase of the Dodgers and would have to turn around and sell his Mets share if successful in his pursuit of the West Coast club.
Cohen's motivation in buying a 4 percent share of the Mets is to have a "more favorable position" toward reaching majority ownership if Fred Wilpon and family falter, the report stated. The minority shares have no direct route to a majority stake, however.
The Mets hope to raise as much as $200 million by selling $20 million minority shares in the club. Newsday reported the club now hopes to close on as many as 10 shares by the end of February.
Cohen originally pursued purchasing a larger majority share of the Mets last year, but the organization selected David Einhorn for a $200 million infusion in a single, 33 percent block. That deal eventually fizzled in September.
Writes Bill Shaikin in The Los Angeles Times:
Cohen was one of at least eight bidders selected last week to advance in the Dodgers' ownership derby. In coming weeks, the remaining bidders are expected to meet with Dodgers executives and get additional financial data from the team in preparation for making a second bid.