We’re all familiar with hedge fund managers and their affinity for sports teams. Most recently, SAC Capital founder Steve Cohen has been a prime example—last year, he had to watch as fellow hedge funder David Einhorn tried to negotiate a deal with his beloved New York Mets, which he had originally hoped to own a part of.
Then, he set his eyes on the West Coast, and decided to bid on the bankrupt Los Angeles Dodgers.
But Cohen was unable to leave his beloved hometown team alone—in fact, he may never have stopped talking to the Mets, and it’s now been confirmed that the hedge funder has spent $20 million for a 4% stake in the team. That doesn’t mean he’s dropping his Dodgers bid though. As Dealbreaker has cleverly pointed out, the guy is essentially hedging his bet on the Dodgers with the Mets buy-in.
He is said to be on the short list of bidders for the bankrupt Dodgers and last year he flirted with taking a $200 million stake in the Mets before the team settled on another hedge fund manager, David Einhorn. That deal fell apart. If Cohen were to win the bid for the Dodgers he would have to liquidate the stake in the Mets.
Whatever happens, the guy’s coming away with a baseball team.