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

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of