Steve Cohen Bids For Mets Stake

Author:
Publish date:
Updated on

As you may have heard, the New York Mets are going through a bit of a rough patch, on account of being screwed financially on their investment with Madoff Securities. In January the organization announced it needed to sell a minority stake, to little success. Among the people who turned them down? Steve Cohen. Despite being a huge fan, who has a box at Citi field, Cohen was reportedly "adamant" that he wouldn't shell out a dime without getting a say in the direction of the franchise. At the time, we told the Wilpons to not take the rejection as a hard no, as Steve is an ideas man and just wanted some level of assurance that if he was going to pony up the money, his voice would be heard. Now, suddenly, the hedge fund manager has "joined the bidding for a minority stake." What changed?

Details are scant at this time but several legitimate explanations come to mind. The first is that the Mets wised up and promised to adopt the items floated by Steve, via us, most of which will translate to rings come November (included but not limited to: a down and out clause– if the team is down by more than 15 games at the All Star break, players are told they’re idiots and sent home. (This is how you motivate people.); no more polyester- from now on players wear fleece, with the top 3 or 4 buttons undone so there's no overheating; SC gets his own playing cards, which are sure to be a breakout hit). Also possible:

* SAC decided to launch a new fund (the Queens Pennant Restructuring Exceptional Value Opportunities fund; fees are 1 and .400)

* Mr. Met showed up to Casa de Cohen drunk and crying and this was the only way Steve could get the guy to leave

* In a dream, the ghost of Keith Hernandez came out of a closet and told Steve: "Let me tell you something kid. Everybody gets one chance to do something great. Most people never take the chance, either because they're too scared, or they don't recognize it when it hocks a loogie on their glasses. This is your big chance- you shouldn't let it go by."

SAC's Cohen Bids For Mets Stake [WSJ]

Related

New York Mets Might Want To Savor Their Time Under The Tutelage Of Steve Cohen

...because they're about their last! SAC Capital Advisors founder Steven Cohen is the front-runner to purchase the Los Angeles Dodgers. Reports earlier this week indicated that Cohen's bid for the baseball team was a couple hundred million dollars less than that made by former baseball executive Stan Kasten and Los Angeles Lakers legend Magic Johnson. But Cohen's bid now matches the Kasten-Johnson offer of $1.6 billion—and at least half of Cohen's purchase price would come in the form of cash. Indeed, Cohen, who last month bought a small stake in the New York Mets, which he would have to give up if approved to buy the California team, may already be planning for the Dodgers' future. He has reportedly spoken with former Major League manager Tony La Russa about taking the team over under a Cohen regime. [FinAlternatives]