New York Mets Set To Secure SAC Funding
By Community | February 24, 2012
The hedge fund industry billionaire Steven A. Cohen looks set to become one of the New York Mets new minority owners and provide some much needed investment to help repay the club’s debts to the Bank of America and Major League Baseball (MLB), which stand at $40-million and $25 million respectively.
It is understood that the mogul has bought a small stake for $20million in the beleaguered MLB franchise, which lost $70 million last season and cut its payroll by $52 million this year.
However, Cohen’s potential investment could be complicated by his continuous pursuit to buy the Los Angeles Dodgers. It has been reported that if Cohen was successful in his bid for the Dodgers, he would then divest his stake in the Mets over time.
According to Forbes, Cohen’s net worth is estimated at $8.3 billion. His investment in the Mets could lead to a buy out of the club out-right if he is unable to secure the Dodgers.
Following the collapse of Greenlight Capital’s David Einhorn’s potential acquisition of a stake in September, the Mets have been searching for new funding.