Steve Cohen, Jewish philanthropist, purchases New York Mets
The Steve and Alexandra Foundation has donated $625 to many various philanthropic causes.
By CELIA JEANCiti Field baseball stadium in New York, home field of the New York Mets(photo credit: LUCAS JACKSON / REUTERS)
Major Jewish philanthropist Steve Cohen closed a deal last week with Sterling Partners to become the new owner of the New York Mets, and began by setting high goals for the team, ESPN reported.Cohen, now the wealthiest owner in baseball history, introduced himself to fans this week, saying during an introductory conference to fans on Tuesday that if the team doesn't win the World Series in the next three to five years, he will consider it a disappointment.It should be noted that the Mets have not won the World Series since 1986. Cohen said that he will choose the pursuit of greatness over the pursuit of mediocrity, and will devote major resources to get the team in winning shape. He added that he will spend great amounts of money in pursuit of that win."I'm essentially doing it for the fans," Cohen said according to ESPN. "When I really thought about this, I could make millions of people happy, and what an incredible opportunity that is."Cohen operates the American hedge fund Point72Asset Management, and his personal accumulated worth is $14 billion. His story begins when he graduated from Wharton Business School with a degree in economics in 1878, Janglo reported. In the 1980s he began trading stocks with which he had great and immediate success. In 1992, he founded SAC Capital advisors, which boasted a multi-million dollar portfolio.In 2012 Cohen's luck began to change when the US Securities and Exchange Commission (SEC) accused the firm of insider trading, according to Janglo. SAC's former manager Mathew Martoma was convicted in 2014 for the scandal, and in 2016 Cohen was left to settle the civil lawsuit filed by SEC.While Cohen was never directly implicated in the scandal itself, it almost cost him his acquirement of the New York Mets.After spending months in negotiations, and competing against former New York Yankees star Alex Rodriguez and his fiancée Jennifer Lopez, Cohen finally purchased the franchise. Not soon after however, New York Mayor Bill de Blasio almost rejected the sale due to the scandal.Cohen however in the end did succeed in acquiring the New York Mets. His wife Alexandra will operate the Mets foundation, Janglo reported, which “funds and promotes a variety of educational, social and athletic programs.”Cohen and his wife founded the Steven and Alexandra Foundation in 2001, which has since donated $625 million to many various philanthropic causes. Theses include "organizations that improve children’s healthcare and education, serve the undeserved, support the arts, protect the environment, and further Lyme and tick borne disease research," according to the foundation's website.
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