Hedge fund billionaire Steve Cohen has reached a deal to purchase the New York Mets for between $2.4 billion and $2.45 billion, making it the highest price ever paid for a North American sports team, according to the New York Post. Cohen, a lifelong Mets fan, will own 95 percent of the franchise. He currently has an 8 percent stake, according to Yahoo Sports.

“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 released by the team.

Cohen, who is worth about $14 billion, beat out Jennifer Lopez and ex-New York Yankee Alex Rodriguez for the deal. It was Cohen’s second attempt to buy the team.

The deal reportedly does not include SNY, the Mets television network. Sports analysts say if the purchase had included the network, the purchase price would have been even higher. Fans hope Cohen will pour money into the club and make the team a contender for the World Series crown.

A call has been scheduled with the team’s minority owners on Thursday. Cohen will now have to be vetted by an ownership subcommittee which next will have to make a recommendation to the larger group whether to accept Cohen into their club. All the owners are expected to vote before November. Cohen would need 23 affirmative votes to officially become the team’s fourth controlling owner since 1962.