SAC's Cohen Reported To Be Mulling Dodgers Bid

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.


In Depth

Whisky Business: The Ultimate Liquid Alternative Investment

Sep 15 2014 | 7:02am ET

David Robertson knows his single-malt whisky—he was the Master Distiller at the...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

The Cult of Loss Aversion: A Call to Rethink Risk in Global Macro Investing

Sep 4 2014 | 5:45am ET

In the wake of a traumatic loss, whether it is financial or personal, it is just...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

In search of the ‘new normal’ at the Fed

The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.