Steve Cohen, a minority investor with the Mets, is negotiating with the Wilpon family to increase his stake in the team, Cohen and the Mets announced Wednesday.
The announcement said that Fred Wilpon would remain the controlling owner of the Mets for five years and his son Jeff would stay on as chief operating officer during that time.
The announcement did not specify a plan beyond those five years or how much of the team Cohen was seeking to acquire.
In 2012, when the Wilpons were in financial difficulties after falling victim to Bernard L. Madoff’s pyramid scheme, Cohen paid $20 million for a small share of the Mets.
Cohen, 63, is the billionaire founder of the hedge fund Point72 Asset Management. He previously founded SAC Capital, which pleaded guilty in 2013 to insider trading charges and paid a $1.8 billion penalty. In 2016 Cohen reached a settlement with the Securities and Exchange Commission in which he agreed to cease managing money for others for two years.