Hedge Fund Manager To Buy New York Minor-League Team

Sep 15 2011 | 3:38am ET

A New York hedge fund manager with no previous experience in the field is buying one of the city's baseball teams.

No, Greenlight Capital's David Einhorn and the New York Mets have not made amends. But an unidentified hedge fund honcho has agreed to buy the minor-league Staten Island Yankees from their current owners, the big-league New York Yankees. The new owner is to pay $8.3 million for the team—a far cry from the $200 million Einhorn was to pay for a piece of the Mets—who have struggled financially in recent years.

The sale of the Baby Bombers still requires the approval of the New York-Penn League, Minor League Baseball and Major League Baseball, but an announcement is expected soon.

The team's attendance at the Richmond County Bank Ballpark has sagged in recent years, despite its unprecedented success on the field. Since moving to New York City's smallest borough 12 years ago, the Yankees have won six New York-Penn League championships, including this year's. The new owner reportedly plans to keep the team in Staten Island.


In Depth

Q&A: MackeyRMS's Chris Mackey On A High Tech Fix To Broker Votes

Jun 23 2017 | 8:17pm ET

The looming implementation of the EU’s MiFID II rules regarding research has put...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of