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 This material may not be published, broadcast, rewritten, or redistributed.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.)