Cohen is part of a recent trend of Wall Street financiers and investors who turned their firms into family offices, albeit for different reasons. Cohen now runs third-party money again, although he also has his own family office to oversee his fortune.

Major League Baseball owners have approved the sale of New York Mets team to hedge fund tycoon Steve Cohen, taking him closer to owning one of the top names in North American sport.

Reports said that Cohen was near to completing his $2.4 billion takeover of the franchise from the Wilpon family. As reported here, Cohen agreed with Sterling Partners, the Mets’ parent company which is controlled by the Wilpon and Katz families, to buy the team. 

The Associated Press said that the deal was approved by 26 votes to four, with Cohen needing the support of 23 owners for the sale to go ahead.

Cohen already owns an 8 per cent stake in the Mets and his previous attempt to acquire a majority share collapsed in February due to disagreements over who would control the team during the early years of his ownership. 

Cohen, who was raised on Long Island, is a minority investor in the team already. He will take control of the Mets through Cohen Private Ventures LLC, his Stamford, Connecticut-based family office (source: Bloomberg Law).

In 2014 Cohen changed his US-based SAC Capital Advisors firm to a family office structure called Point72 Asset Management, later returning to managing external client money in 2018. (In 2013, the SAC business agreed to pay $1.8 billion and pleaded guilty to securities fraud to settle insider dealing charges. As part of the settlement, Cohen, who was not charged with any offense, agreed to close SAC and return client money.) Cohen Private Ventures LLC is a separate entity for managing Cohen’s private fortune.

The Mets purchase continues a trend of wealthy investment management, legal and real estate figures buying US sports teams. These purchases can involve a bit of legal drama, as in the case of attorney Chuck Greenberg’s Texas Rangers ownership stake. (He won a legal case in 2010, beating rival bids from Dallas Mavericks owner Mark Cuban and businessman Jim Crane.)

Ownership of sports teams blends passion for a sport with the potential for branding, often a motivator when banks sponsor teams and organizations. UBS, the world’s largest wealth manager, for example, sponsors Formula One motor racing. Royal Bank of Canada sponsors a number of golfers, while Wells Fargo and Morgan Stanley have sponsored golf in different events. BNP Paribas sponsors part of the international tennis circuit; Citigroup has, for example, sponsored the US Olympic team, and others events and tournaments.