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: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Griffin Selling Chicago Apartment

Nov 26 2014 | 11:40am ET

Citadel Investment Group’s Kenneth Griffin is making clear to his estranged wife...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

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

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

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.