NEW YORK - Major League Baseball owners approved hedge fund billionaire Steve Cohen's bid to buy the New York Mets on Friday.

"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. I believe that Steve will work hard to deliver a team in which Mets fan can take pride," MLB commissioner Robert Manfred Jr. said in a statement.

Cohen, a 64-year-old Long Island native, reached a deal to purchase the team for a reported $2.5 billion. He is poised to take control of the Mets from Fred Wilpon, who first bought a stake in the Mets in 1980 and has been the team's majority owner since 2002. Cohen will own 95% of the team; the Wilpon and Katz families will retain a 5% stake.

Shortly after the news broke, Mayor Bill de Blasio said in a tweet that the city signed off on the deal after a review from the city's law department.

The mayor ordered the law department to review the deal earlier this week. 

“It’s our land,” the mayor said earlier in the week. “There is a legal requirement that, if there is an ownership change, it needs to be evaluated. Our law department is doing that evaluation based on the law.”

In a statement, Cohen emphasized his commitment to investing in the communities around the Mets' ballpark, Citi Field. The new owner announced a $17.5 million donation to "programs developed by the City to make grants to local area small businesses to assist them in these uniquely troubling times." 

Cohen also announced his intentions to start a seasonal employee relief fund to help them make ends meet during the team's offseason, and that "all employees will receive reinstituted pre-pandemic salaries as of November 1, reversing the 5-30% salary cut implemented in March."

Queens State Sen. Jessica Ramos told NY1 on Thursday she had concerns about Cohen, whose company has faced allegations of harassment and insider trading, and questions about what the Mets will do for Queens once the sale goes through.

City Council member Jimmy Van Bramer said as a lifelong Mets fan, he welcomed the idea of new ownership, but said he also has concerns about the city’s Economic Development Corporation controlling the grants. He wants the money to go to businesses in the borough that really need it. 

“We’ve come through a really bad period as Met fans, and as a city, we’re going through an incredibly painful period. So it’s a hopeful sign, but I hope there’s a lot more giving than taking,” Van Bramer said.

Wilpon released a statement on the team's official Twitter account, thanking Mets fans, as well as their current and former players, managers and employees. 

Mets fans who spoke with NY1 were optimistic about the news.

“I think the Mets fans have been waiting for a long time to get back to spending some money. We’re obviously in a big city, where we’re constantly worried at the Yankees," said Bryan Murray, a bartender at Donovan's Pub and a lifelong Mets fan. "He’s smart. I think he’ll come in, rejuvenate the team and from there, start spending his money.”

“Hopefully, he goes out and spends the money like he says he would, because that’s what this team needs to bring in top talent to one of the biggest markets in baseball,” said Nolan Connor, a Woodside resident.

The deal is expected to be closed within 10 days.