Getting hit with an indictment when he had several thousand dollars worth of tuna in the fridge. Reading about his employees holding covert job interviews at rest stops along I-95. Being forced to beg his staff to stay, rather than the other way around. Having to explain himself re: the timing of $166 million art acquisitions. Watching his #1 fan abandon ship. And now this:
Long before his hedge-fund empire was slapped with insider-trading charges, Cohen’s SAC Capital Advisors plunked down at least $1 million to become a host sponsor of the 2014 Super Bowl at MetLife Stadium in the Meadowlands. As one of 28 vice chairs of the committee that helps with the logistical planning, SAC was in line to receive a number of perks with which to wine and dine its well-heeled clients, including prime seats and branding opportunities.
But a lot has changed for SAC since it inked the sponsorship in 2011, raising questions about its ability to capitalize on the nation’s most-watched sporting event. For one thing, SAC may not have any investors left by the time the Feb. 2 game rolls around. The Stamford, Conn., firm, worth a whopping $15 billion at the start of the year, is facing an investor exodus that’s expected to leave it with $9 billion — mostly Cohen’s personal fortune — by year end. What’s more, sports and marketing experts say the committee would be wise to wiggle out of the deal. “Having SAC as a sponsor … would be the equivalent of having the Super Bowl be in Houston, Texas, and Enron being a sponsor,” said Mike Paul of public relations firm MGP and Associates, referring to the Texas energy giant that collapsed under the weight of an accounting scandal.
Of course, according to a spokeswoman for the host committee, SAC "remain[s] a host sponsor" and there is no expectation that that will change. So there's still hope. If he still believes in hope.