UPDATE 1-Billionaire Steve Cohen agrees to buy the New York Mets

(Reuters) – Billionaire hedge fund manager Steve Cohen has reached an agreement to buy the New York Mets baseball team from its owners, Sterling Partners said in a statement on Monday.

“I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets,” Cohen said.

A spokesman for Cohen declined to comment beyond the statement.

Newsday reported that Cohen will own 95% of the franchise, with the deal valuing the club at approximately $2.475 billion, a record amount for a North American sports team.

An infusion of cash from Cohen could help the Mets become World Series title contenders. The franchise, which was founded in 1962, has won two titles, the last one coming in 1986.

The deal will require the approval of at least 23 of the other 29 team owners when MLB holds a vote, which could come at the owners’ meetings in November, Newsday reported.

Reporting by Noor Zainab Hussain in Bengaluru, Svea Herbst-Bayliss in Boston and Rory Carroll in Los Angeles; Editing by Arun Koyyur and Tom Brown