Cohen In Running For Padres

May 30 2012 | 12:09pm ET

SAC Capital Advisors founder Steven Cohen may be down in the count, but he's still got a least one swing left to make his hardball dreams come true.

Cohen has been approved to bid on the San Diego Padres, just months after striking out in his effort to buy the Los Angeles Dodgers. For the time being, he's competing with film producer Thomas Tull and former Dodgers owner Peter O'Malley—who also tried to buy his old team—but current owner John Moores said that he expects at least three more bidders.

Moores said he expects a deal in place for baseball's worst team by the end of what promises to be a very long season.

Cohen's $1.6 billion bid for the Dodgers came up short, after a group led by Guggenheim Partners offered in excess of $2 billion, smashing the record for a North American sports franchise. The Padres, who play in the 28th-largest U.S. television market and 15th-largest U.S. metropolitan area, compared to second in both categories for the Dodgers, are expected to fetch much less than the Dodgers, with a basement price of about $600 million.

Cohen currently owns about 4% of his hometown team, the New York Mets, a stake he'd have to sell if he were to buy the Padres.


In Depth

High Time For A Cannabis Hedge Fund?

Sep 30 2014 | 7:07am ET

Launching a hedge fund is always a gamble, but Leslie Bocskor's decision to launch...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

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.