Steve Cohen Mets, Billionaire investor Steve Cohen finalizes deal.

Billionaire Steve Cohen reached a deal to buy the New York Mets baseball team on Monday for a reported value of about $2.42 billion.

“I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets,” Cohen said in a statement from the team announcing the deal.

It comes after an earlier move to buy the team fell through in February.

The sale must still be approved by 23 of the 30 Major League Baseball team owners before it can become official. While Cohen already owns a minority stake in the team, which he acquired in 2012, his legacy is fraught with controversy.

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Cohen is the founder of SAC Capital Advisors, a hedge fund conglomerate that went defunct after Cohen pleaded guilty to insider trading charges. He now serves as chairman, CEO and president of Point72 Asset Management, which is the successor and recipient of most of SAC Capital’s assets. Point 72 has faced multiple discrimination claims brought by female employees.

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Regardless of these concerns, the reality is that a hefty price tag could mean higher team valuations for other owners, to which they’re unlikely to object.

“The New York Mets have been a moribund franchise,” said Jeffrey Klein, a sports attorney at Weil, Gotshal & Manges. “I think an infusion of talent and excitement, committed ownership and a long-term business plan will bring back fans, increase viewership and make for a healthy and competitive franchise. If you’re the business partners of Major League Baseball, the advertisers or broadcasters, they’ll be applauding having another viable team.”

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Before Cohen landed the deal, he faced competition from a group led by former MLB star player Alex Rodriguez and his fiancée, the actress and singer Jennifer Lopez. The couple previously announced they would be withdrawing from negotiations, but as things stalled between Cohen and the Mets, they reportedly revised their bid.At one point the owners of the Philadelphia 76ers, Josh Harris and David Blitzer, were also in the bidding for the team.

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