Sunday, 24 July 2016
Last updated 2 days ago
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.