Hedge Fund Billionaire Buys Minority Stake in Mets

Hedge Fund Billionaire Buys Minority Stake in Mets

Hedge Fund Billionaire Buys Minority Stake in MetsFor any baseball fan, childhood dreams may include becoming a pro professional baseball player or owning a team. For billionaire hedge fund owner, Steve A. Cohen of SAC Advisors, he can now he say he’s a minority in his hometown team, the New York Mets.

Cohen, who runs the $14 billion SAC Capital Advisors, recently purchased a four percent stake in the Mets for $20 million, according to Bloomberg.

Jonathan Gasthalter, Cohen’s spokesperson, has not commented.

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With his small percentage, Cohen now has owner bragging rights along with access to parking, a luxury box for friends, family and business on a new summer afternoon and parking at the stadium. But it’s also a good deal for both parties.

The troubled Mets franchise gets some much-needed cash and Cohen, an aspiring major league baseball owner who wants to purchase the Los Angeles Dodgers, can start–essentially–in the minor leagues like most baseball professionals.

It’s been a tough run for the Mets and its financial future remains a question after its principal owners Saul Katz and Fred Wilpon had invested with Bernard Madoff, which turned out to be a Ponzi scheme. The trustee for the Madoff trust has brought suit against the two Mets owners for $386 million.

In 2011, Forbes placed a $747 million value on the team with home game attendance that saw a 50 percent drop from 2008’s figure of 4,042,045.

“With Cohen and others buying these small stakes, the Mets will now have greater liquidity to manage through difficult times,” said Robert Boland, a professor of sports business at New York University’s Tisch Center. The Mets were interested in selling minority stakes worth a total of $140 million, Bolafter principal owners Saul Katz and Fred Wilpon invested in Bernard Madoff’s Ponzi scheme. A trustee overseeing the Madoff trust has sued the Mets owners for $386 million.nd said.


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