The New York Mets have announced that the team has been sold to hedge fund billionaire Steve Cohen.

The Wilpon and Katz families signed an agreement with Cohen to purchase the Mets.

"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.

Cohen entered an exclusive window to negotiate with the Mets back in August, beating out a rival bid from celebrity couple Alex Rodriguez and Jennifer Lopez.