Steve Cohen broke the agreement he signed to buy the New York Mets and it is now an open question whether he would be allowed to buy a team again, two sources said.
The hedge fund billionaire, months ago, signed a non-binding deal to buy the Mets, called a term sheet, in which Cohen would gain more than half of the team’s equity immediately but leave Fred Wilpon as the Mets control person for five years running the club, two sources said.
Major League Baseball recognizes a single control person for each team, and that person is expected to make all the decisions, sources said.
“There is no such thing as a fake control person. You can’t run things that way,” a source said.
Major League Baseball’s constitution says, “Each Major League Club shall have a Control Person who is accountable to Major League Baseball for the operation of the Club and for the Club’s compliance with the rules and regulations of Major League Baseball, and is the single individual with ultimate authority and responsibility for making all Club decisions.”
When he realized Wilpon was going to really be in control for five years while Cohen owned a majority of the team’s equity, Cohen…