Cohen, who's purchased the Mets for a record $2.4 billion, is taking over from Fred Wilpon and Sal Katz. Fred Wilpon originally purchased a stake in the team in 1980. His son, Jeff Wilpon, was named COO in August 2002.
"Steve will bring his lifelong passion for the Mets to the stewardship of his hometown team, and he will be joined by highly respected baseball leadership as well," MLB commissioner Rob Manfred said. "I believe that Steve will work hard to deliver a team in which Mets fans can take pride."
The 64-year-old hedge-fund investor is worth an estimated $14 billion and is now the wealthiest owner in baseball, Deesha Thosar of the New York Daily News reports.
Cohen plans to donate $17.5 million to small businesses in New York City and will reinstate all pre-pandemic salaries for Mets workers, according to a statement obtained by Tim Britton of The Athletic.
"All I plead is that the new owner treats players and personnel in the organization like people and less like expendable commodities," Mets right-hander Noah Syndergaard said, according to Mike Puma of the New York Post. "That being said, I couldn't be more excited having the real-life Bobby Axelrod leading the charge."
Mayor Bill de Blasio said Friday that New York City has no issues with the sale. The approval was seen as the last hurdle for Cohen to clear.
"The New York City Law Department has completed its legal review of the proposed sale of the Mets," de Blasio wrote on Twitter. "New York City has no objections and the Mets can now proceed with the transaction."
Cohen had a different deal in place to buy the Mets in February but it fell apart due to the Wilpons' continued involvement with the club.