Thursday, 28 April 2016
Last updated 18 hours ago
May 14 2012 | 1:21pm ET
Will the third time be the charm in SAC Capital Advisors founder's Steven Cohen's pursuit of a Major League Baseball team—or will it be a third strike?
Cohen in March lost out on his effort to buy the Los Angeles Dodgers, his $1.6 billion bid coming in second to a $2 billion bid from Guggenheim Partners. And his hopes of owning his favorite team, the New York Mets, took a hit when its current owners settled a lawsuit against them filed by the trustee in the Bernard Madoff case. Cohen did buy a roughly 4% stake in the Mets earlier this year.
His hometown investment notwithstanding, Cohen remains focused on Southern California in his latest hardball effort: The San Diego Padres are up for sale, and Cohen is one of five interested parties who have been given access to the team's books.
The financially struggling Padres are expected to fetch far less than the Dodgers—with a basement price of about $600 million. A sale is expected at the end of the season.
The Padres are struggling as much on the field as off: The team currently has the second-worst record in baseball and is on pace for its worst season since its debut as an expansion franchise in 1969.
Like the Dodgers sale, that of the Padres was brought about by a divorce: The 2008 split of Padres owners John and Becky Moores. The Moores bought the team in 1994.