Cohen A Dodgers Finalist, Buys Mets Stake

Feb 29 2012 | 4:26am ET

Steven Cohen isn't a New York Yankees fan, but Mickey Mantle's number seven has proven the SAC Capital Advisors' lucky number this week.

Cohen is among seven finalists to buy the Los Angeles Dodgers, it emerged Monday. He's also the owner of one of seven new minority stakes in his favorite baseball team, the New York Mets.

The Mets said Monday that it had completed the sale of seven 4% stakes in the team, raising $140 million. Cohen is the only individual buyer whose name has been publicly reported, although all three are known to be friends of the Wilpons, who have owned the Mets since 1980. Four of the shares were purchased by SportsNet New York, the Mets' television network, which is co-owned by the team, Comcast Corp. and Time Warner Cable.

The Mets are awaiting the approval of three other minority investors by Major League Baseball, bringing to $200 million the amount raised by the cash-strapped team as its owners face a possible trial in a lawsuit brought against them by the receiver in the Bernard Madoff Ponzi scheme.

Happy as he may be to have Mets mascot Mr. Met at his disposal, Cohen may soon have to sell his Mets stake. Dodgers owner Frank McCourt this week whittled the list of suitors for his team down to seven groups, including Cohen and his partner, sports agent Arn Tellem. Cohen and the other remaining bidders now face an MLB screening process, with McCourt to announce a new owner on April 1. If Cohen is selected, he'll have to sell his Mets stake.

Private equity honchos Thomas Barrack and Leo Hindery also made the final seven.


In Depth

Creating An Offshore Hedge Fund Dream Team: The Seven Key Players

Jun 26 2015 | 6:47am ET

If you want to set up an offshore hedge fund, like any great team, you’re only...

Lifestyle

Hedgies Set to Compete in Wall Street Decathlon

Jun 8 2015 | 12:37am ET

The Wall Street Decathlon — a 10-event physical challenge that will crown “Wall...

Guest Contributor

6 Essential Principles To Balance Your Investment Risk

Jun 26 2015 | 10:07am ET

In this article, financial expert Greg Silberman explores how to hedge a private...

 

Editor's Note