Monday, 23 January 2017
Last updated 2 days ago
Jan 31 2012 | 1:11pm ET
SAC Capital Advisors founder Steven Cohen's dream of owning a baseball team is still alive.
The billionaire hedge fund manager's bid for the Los Angeles Dodgers has survived the first round of cuts. Blackstone Advisory Partners began informing the lucky bidders that they would continue in the process on Friday.
Major League Baseball has agreed to approve up to 10 potential buyers, with current team owner Frank McCourt selecting the actual buyer. It is unclear how many bidders survived the first round, although published reports indicate that at least eight have. McCourt has pledged to pick a winner by April 1.
Cohen is working with sports agent Arn Tellem on the bid. According to the Los Angeles Times, the two still have to contend with bids from the Roy Disney family and the head of their hedge fund, Shamrock Partners, as well as groups featuring sports legends Magic Johnson and former Dodgers manager Joe Torre.
Johnson is working with Guggenheim Partners CEO Mark Walter.
Mark Cuban, the owner of the National Basketball Association's Dallas Mavericks, and baseball executive Dennis Gilbert, were among those eliminated. The fate of other alternative investments bidders or potential bidders, such as private equity honchos Leo Hindery, Marc Utay, Ron Burkle and Thomas Barrack, is unclear.