Friday, 1 August 2014
Last updated 14 hours ago
Mar 14 2012 | 12:16pm ET
SAC Capital Advisors founder Steven Cohen's odds to buy the Los Angeles Dodgers improved to no worse than one-in-four—at the expense of two groups led by other alternative investments players.
Major League Baseball is set to reject two of the remaining six groups seeking the Dodgers, the Los Angeles Times reports. Stanley Gold, who heads the Disney family hedge fund, and the family of the late Roy Disney, are out, as are private equity honchos Leo Hindery and Thomas Barrack.
It is unclear why the two groups were eliminated, or whether they'll appeal to the court-appointed mediator in the Dodgers sale. The last bidder eliminated, Alan Casden, did so, to no avail.
In addition to Cohen's group, which includes sports agent Arn Tellem, the remaining bidders for the Dodgers are groups led by former baseball executive Stan Kasten and Los Angeles Lakers legend Magic Johnson, St. Louis Rams owner Stan Kroenke and Memphis Grizzlies owner Michael Heisley, who is working with Ares Capital co-founder Tony Ressler.
Cohen's bid is currently the second-highest for the team, at $1.4 billion, according to Forbes. The Kasten-Johnson group is offering $1.6 billion. Both would make the Dodgers the most expensive North American sports team to ever change hands.
Cohen's offer includes $900 million in cash.
MLB plans to submit all four remaining bidders to a vote of its owners. Those that are approved will them make final bids before current owner Frank McCourt makes a decision, by the beginning of next month.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…