Cohen Adds L.A.'s Richest To Dodgers Bid

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.


In Depth

Q&A: Executive Recruiter Talks Hedge Fund Closures, Hiring Trends

Dec 19 2014 | 6:58am ET

This year, hedge funds have been closing at a rate not seen since the financial...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.