Friday, 1 August 2014
Last updated 4 hours ago
Mar 26 2012 | 2:05pm ET
As college basketball winnowed its championship hopefuls to four this weekend, the Los Angeles Dodgers went one better, cutting its list of prospective new owners to just three—including SAC Capital Advisors' Steven Cohen.
Cohen's group, which includes both Los Angeles' richest man and sports agent Arn Tellem, made the latest cut with what is believed to be the cash-heaviest offer for the team. Most of that money would come from Cohen, who, according to his latest plan, would spend almost $2 billion to buy the Dodgers and renovate their landmark stadium.
But before he can do that, he'll have to beat out the other remaining groups: one led by Los Angeles Lakers legend Magic Johnson and the other by former baseball executive Stan Kasten and Stan Kroenke, the owner of football's St. Louis Rams.
And before he can do that, he'll have to be approved by Major League Baseball's current owners, expected to be a formality for Cohen, given his approval to purchase a stake in the New York Mets earlier this year.
The owners are to vote this week. Then, outgoing Dodgers owner Frank McCourt will engage in final negotiations with the approved bidders. He's to name his successor by April 1.