In 2020, Steve Cohen paid $2.4 billion for the New York Mets; the team had sold for just $21.1 million back in 1980

Athlon Sports reports that the New York Mets have changed hands twice in four decades, with each transaction reflecting a different era of baseball ownership. In January 1980, Doubleday & Co. acquired the team from the estate of founding owner Joan Payson for $21.1 million, a modest figure by current standards that predated the multibillion-dollar valuations now common among professional sports franchises.

The next major change came in 2002, when Fred Wilpon bought out Nelson Doubleday's share of the club. According to the article, the Wilpon family later faced financial fallout tied to the Bernard Madoff Ponzi scheme, which added pressure to the franchise's finances.

Steve Cohen, a hedge fund manager and one of the wealthiest people in the United States, pursued the franchise in 2020. Following a bidding contest involving several investment groups, he prevailed and agreed to pay $2.4 billion. The purchase was completed in November 2020 and was described as the most expensive sports team sale at that time. The transaction included the Mets and their related assets.

The gap between the 1980 and 2020 prices illustrates the growth in Major League Baseball franchise values over four decades. Athlon notes that Cohen's ownership also signaled a change in the club's direction, with the new owner and significant financial resources positioning the organization to pursue championships.