Report: Billionaire Steven Cohen Front-Runner For Stake In Mets
NEW YORK (WFAN/AP) – The Mets’ partial ownership drama is drawing to a close, with billionaire hedge fund manager Steven A. Cohen in the lead to claim a minority stake in the franchise, according to the New York Post.
“(Cohen) was set to meet last night with the Mets owners at 8 pm at Gabriele’s Steak House in his hometown of Greenwich, Conn., to discuss the potential deal,” reported the paper.
Cohen is the founder of SAC Capital Advisors LLC. Forbes magazine values the company at $7.3 billion.
“Cohen wants it,” said The Post’s source. “What he wants he gets. It’s a trophy to him but not just a trophy. In time, it can be a real asset.”
Hounded by a multimillion dollar lawsuit filed by the trustee trying to recover money for victims of the Bernard Madoff scheme, Fred Wilpon, his son Jeff, and Saul Katz are trying to sell a portion of the Mets. The owners are seeking $200 million for a partial stake in the franchise.
The New York Times first reported Cohen’s bid last month.
“Wilpon and Katz, after soliciting a range of bids, have narrowed their list of potential partners to three,” the paper reported. “And according to people with knowledge of the negotiations, Cohen is again in the mix, perhaps even the preferred bidder.”
The Mets announced in January they were looking to sell a non-controlling interest in the team to raise several hundred million dollars. Fred Wilpon insisted then — and insists now — his family would remain in control of the team.
Mets fans: How would you react if Cohen won the bidding? Let us know in the comments below…
(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)