Friday, 29 May 2015
Last updated 3 hours ago
Nov 28 2011 | 9:15am ET
Steven A. Cohen of SAC Capital Advisors is planning a bid for the Los Angeles Dodgers, according to the Wall Street Journal.
Citing three people involved with the bankruptcy sale of the team, the paper said Cohen was discussing the bid with Steve Greenberg of Allen & Co. Greenberg, the son of baseball legend Hank Greenberg, has close ties to Major League Baseball officials. The paper did not put a price tag on the deal.
The Dodgers filed for bankruptcy protection in June as owner Frank McCourt struggled to cover costs.
In early November, the Dodgers and Major League Baseball reached a deal on the sale of the team that ended a two-year legal battle. Under the terms of the agreement, the Blackstone Group will preside over the sale of the team; its home, Dodger Stadium; and the parking lots surrounding it. During McCourt's seven-year tenure at the head of the Dodgers, those three assets were split into separate companies that he levered to the hilt.
McCourt's troubles began when he fired his wife Jamie as the team's CEO and filed for divorce. Jamie McCourt claims to own half of the team.
Things only got worse after a San Francisco Giants fan was seriously beaten in a Dodger Stadium parking lot. MLB accused McCourt of skimping on security costs and "looting" almost $200 million of team revenue for his own use.
Both sides have traded a slew of accusations, culminating in baseball's refusal to approve the Dodger's sale of their television rights for 17 years for $3 billion. Baseball also successfully prevented the Dodgers from accepting a $150 million loan from Highbridge Capital Management.
May 27 2015 | 2:15pm ET
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