Report: Hedge Fund Billionaire Steven Cohen Loses Interest In Mets’ Stake

NEW YORK (WFAN) — It may be back to the drawing board for Fred and Jeff Wilpon.

According to the New York Post, hedge fund billionaire Steven A. Cohen, thought to be the front-runner to buy a minority stake in the Mets, “has quickly lost interest.”

“Sterling Equities, which owns the team, has gone back to bidders who had made offers it rejected and asked them to resubmit,” reported the paper. “As a result of Cohen’s change of heart, (the Mets) are not going to name a preferred bidder this week in time for the MLB owners’ meeting, as expected.”

Cohen is the founder of SAC Capital Advisors LLC. Forbes magazine values the company at $7.3 billion.

Hounded by a multimillion dollar lawsuit filed by the trustee trying to recover money for victims of the Bernard Madoff scheme, the Wilpons 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.

Where do the Mets turn next? Sound off 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 This material may not be published, broadcast, rewritten, or redistributed.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.)

  • Murphy626

    The Wilpon’s were complicit in the Madoff Ponzi scheme. You can’t quickly alternate between being smart and stupid business men when it suits you. Additionally the Wilpon’s investment with Madoff lured other unsuspecting small investors by legitimizing the scheme. What major investor would give over $200m of their money without controlling interest? To bail out the Wilpons? Please. They should sell the team and get out of sports ownership all together. They should receive the same or worse treatment as Frank McCourt. I don’t see how this is any different. Steve Cohen seems to be a smart man who quickly recovered from a momentarily lapse in judgement for even considering to invest with these liars under ridiculous conditions..
    The picture of equipment manager, Charlie Samuels, in handcuffs for stealing Mets memorabilia should be replaced by both Wilpon’s in cuffs for far worse.

  • dabooch

    Wilpon’s need a partner, how about making the suckers that come through the turnstiles partners. Each ticket you buy would have a X value, if you buy a shake- shack burger or a met hat, just swipe your card your building up equity!
    Oh, it sounds like a far fetched idea, but forking over US currency to support the Wilpon’s and Saul’s pocketbooks are a better idea?


    the Wilpons better shape up because the fans will start losing interest

  • Gabriel

    How about A-Rod?

  • Kurt Spitzner

    PS And why would anyone want to buy a portion of a mismanaged team with severe financial problems and have no say in how the teams future will play out?Its obvious that one very smart gentleman thought better of it!

  • Kurt Spitzner

    The problem is that the Wilpons will not sell the team unless they are made to do so as a result of their involvement with that dirtbag madoff,So we just have to sit back and hope that happens for the teams sake because in all honesty as fans what else do and should we really care about?Surely not the ownership that has not cared a bit about the fans!!!!!

  • Kevin

    Get rid of the Wilpons.. Atleast the Steinbrenner organization never engaged in any Ponzi schemes.. What a bunch of losers on and off the field.

  • Glenn DeMilt

    Where’s Seinfeld, Kevin James, Chris Rock and all of the other celeb Met fans? C’mon, somebody help us out!

  • Jake

    just sell the whole team, the wilpons are a poison

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