Thursday, 28 July 2016
Last updated 47 min ago
Feb 10 2012 | 2:39am ET
SAC Capital Advisors founder Steven Cohen has another couple of weeks to put together a winning bid for the Los Angeles Dodgers.
Cohen is among 11 finalists to buy the baseball team, one more than the maximum number Major League Baseball is permitted to approve under the sale terms agreed by the league and current Dodgers owner Frank McCourt. Second bids are due around Feb. 23, Reuters reports, with a winner to be selected no later than April 30.
The Dodgers are expected to go for more than $1.5 billion, a record for a baseball team.
Cohen is working with sports agent Arn Tellem on his bid. He's not alone among alternative investments honchos dreaming of owning one of baseball's most legendary franchises. Private equity honchos Leo Hindery and Thomas Barrack have joined forces and made the cut, as did the Roy Disney family and their hedge fund, Shamrock Partners.
Between 15 and 20 groups made initial bids by the first deadline last month.
Cohen is also said to be nearing the purchase of a minority stake in his favorite team, the New York Mets. If he wins the Dodgers sweepstakes, he'll have to sell that interest.