Steven A Cohen’s $2.4 billion purchase of the team – pending MLB approval – is from real estate investor Fred Wilpon’s Sterling Equities Inc . 

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 .

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. 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. Daniel Straus, a healthcare senior figure, is reportedly near a potential deal to buy the NBA’s Minnesota Timberwolves. Bloomberg said in July that the Fort Lee, New Jersey-based family office for Straus, who co-founded the Multicare Cos with his brother, has been mulling a bid.

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.