Wednesday, 26 November 2014
Last updated 4 hours ago
Mar 19 2012 | 11:31am ET
Steven Cohen is making it harder and harder for his rival bidders for the Los Angeles Dodgers.
The SAC Capital Advisors founder's plan to pay for the baseball team primarily with cash has sent the other Dodgers hopefuls scrambling to raise cash. But he's even beating them at that game.
Cohen, who is working with sports agent Arn Tellem but who would have been the sole owner of the Dodgers, has brought a new investor onto his team. And Patrick Soon-Shiong is not only Los Angeles' richest man, he was in talks to join one of the other groups seeking the Dodgers.
Instead of joining the group led by Los Angeles Lakers legend Magic Johnson—who sold Soon-Shiong a minority stake in the basketball team just two years ago—Soon-Shiong is adding some West Coast credibility, and a fortune nearly as large as Cohen's, to the latter's offer. Soon-Shiong, who made his money in biotechnology, would be a minority owner of the Dodgers.
Cohen's latest plan is to spend almost $2 billion to buy the Dodgers and renovate their stadium, all without financing. Those plans have forced Johnson's group to add Peter Guber, owner of basketball's Golden State Warriors, to replace some investors with questionable access to cash. And another Dodgers hopeful, Michael Heisey, may sell his basketball team, the Memphis Grizzlies, to raise cash.
Current Dodgers owner Frank McCourt is required to select a new owner for the team by the end of April.
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