Wednesday, 23 July 2014
Last updated 5 hours ago
May 12 2011 | 1:52pm ET
SAC Capital Advisors' Steven Cohen is back in the game for a piece of the New York Mets.
The billionaire hedge fund honcho, who the New York Post earlier this week reported had dropped out of the bidding, is just playing a little hardball with the hard-up baseball team. According to CNBC, Cohen and current Mets owners Fred Wilpon, Jeff Wilpon and Saul Katz are at "a bit of a stalemate right now," but talks are "not dead" and "the goal is to get this thing done ASAP."
Cohen is offering about $200 million for a 49% stake in the team, according to CNBC. But he's not interested in being a passive minority owner: Cohen wants seats on the Mets board and wants "some significant say over how they do what they do." The Wilpons and Katz, however, have insisted on maintaining control of the organization that they have owned or co-owned since 1986.
"Cohen is demanding sort of stiffer terms than the organization was originally prepared to offer," CNBC's Kate Kelly said.
Last week, the Post reported that the Mets had agreed to give Cohen a seat on a newly-created board, and that the two sides were to meet last Friday at a Greenwich, Conn., steakhouse to hammer out the details. But the tabloid said this week that he wasn't interested in answering Major League Baseball's questions about the Justice Department's ongoing insider-trading investigation, including a look at his own trades. Cohen reportedly also previously rejected an appeal from Fred Wilpon to buy a minority stake in the team before the Mets opened the bidding.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…