Friday, 25 July 2014
Last updated 17 min ago
Mar 15 2012 | 2:37am ET
SAC Capital Advisors founder Steven Cohen is the front-runner to purchase the Los Angeles Dodgers.
Reports earlier this week indicated that Cohen's bid for the baseball team was a couple hundred million dollars less than that made by former baseball executive Stan Kasten and Los Angeles Lakers legend Magic Johnson. But Cohen's bid now matches the Kasten-Johnson offer of $1.6 billion—and at least half of Cohen's purchase price would come in the form of cash.
Indeed, Cohen, who last month bought a small stake in the New York Mets, may already be planning for the Dodgers' future. He has reportedly spoken with former Major League manager Tony La Russa about taking the team over under a Cohen regime.
Cohen and La Russa met last weekend in Arizona, where Cohen toured the Dodgers' Spring Training facility and met with Major League Baseball representatives. It is unclear what role La Russa might play with the Dodgers—Cohen's partner in the bid, sports agent Arn Tellem, is expected to become team president if the bid is accepted—and La Russa, who managed the St. Louis Cardinals to a pair of World Series championships in the past six years, including last year, has not made any commitment to join the team.
Major League Baseball owners are expected to vote on the remaining four candidates to buy the Dodgers shortly, with outgoing Dodgers owner Frank McCourt to choose a winner 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…