Sunday, 28 August 2016
Last updated 1 day ago
Sep 12 2013 | 10:20am ET
SAC Capital Management has continued to post impressive returns, even in the face of criminal insider-trading charges. But at least one big investment is unlikely to do as well.
The Stamford, Conn.-based hedge fund is one of 28 host sponsors of February's Super Bowl in East Rutherford, N.J. SAC paid at least $1 million to join that committee, membership in which gives it all sorts of perks and privileges it could have used to impress clients.
At the time SAC signed the deal, in 2011, it could turn clients away. By kickoff, however, it may well have no clients left to wine and dine, and may be fighting for its own survival at trial.
"The remain a host sponsor and we expect no changes in our relationship," host committee spokeswoman Alice McGillion told the New York Post. The status gives SAC "the right to promote their support of our efforts in the local marketplace."
While the committee says it expects no changes, the Post writes that it might yet try to distance itself from SAC.
"Having SAC as a sponsor… would be the equivalent of having the Super Bowl be in Houston, Texas, and Enron being a sponsor," Mike Paul, of public relations firm MGP and Associates, told the Post.