Steve Cohen has reached an agreement to buy the New York Mets, the team announced Monday.

The Mets say the sale of the team to Cohen is pending approval from the other MLB owners.

Cohen had previously entered negotiations to buy the team last year, but that deal fell apart in February.

His current bid was selected over two others, including one led by Alex Rodriguez and Jennifer Lopez. Lopez confirmed that their bid had not been picked in late August.

Cohen is the president, chairman and CEO of Point72, a hedge fund firm.

He previously founded the now-defunct S.A.C. Capital Advisors in 1992. That firm paid $1.8 billion in 2013 after pleading guilty to criminal fraud charges stemming from an insider trading case. Cohen himself did not admit to wrongdoing, but he did accept a two-year ban from commodities trading, which spanned 2016 and 2017.

Information from the Associated Press was included in this report.