Cohen Set To Buy Mets Stake

Feb 2 2012 | 10:05am ET

Steven Cohen may yet own the Los Angeles Dodgers. But he still hasn't given up hope of buying a chunk of his favorite baseball team.

The SAC Capital Advisors founder is expected to buy one of the 4% stakes in the New York Mets currently on offer. The Mets plan to sell 10 such stakes—although the team's current owners plan to buy at least two of the slices—to raise $200 million in an effort to pay down the team's huge debt, while simultaneously allowing Fred Wilpon and Saul Katz to maintain control of the team.

Cohen was among those vying for a much bigger chunk of the Mets last year. After originally rejecting anything less than a majority stake in the team, Cohen eventually leapt into the race for a stake as large as 49% and was a finalist before the Mets selected Greenlight Capital's David Einhorn. The team came up with the idea of 10 smaller stakes after the Einhorn deal fell through.

Buying the Mets stake would not keep Cohen from buying the Dodgers—although if he wins the latter, he'd have to sell the Mets share. That could make him a very short-lived Mets owner, as Dodgers owner Frank McCourt is expected to pick his successor by April 1.

Cohen has already been approved for ownership by Major League Baseball, and is one of at least eight finalists for the Dodgers.

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