Report: Hedge Fund Billionaire Steven Cohen Bidding For Stake In Mets
NEW YORK (WFAN/AP) -- Add another name to the Mets' ownership mix.
According to the Wall Street Journal, billionaire hedge fund manager Steven A. Cohen "has joined the bidding for a minority stake" in the club.
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.
Cohen is the founder of SAC Capital Advisors LLC. Forbes magazine values the company at $7.3 billion.
The hedge-funder has something else going for him: A social relationship with the Wilpons, according to the Journal.
The New York Times also reported Cohen's bid on Tuesday.
"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...
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