Billionaire Steven A. Cohen Submits Bid to Buy Dodgers
By Scott Andes
According to Bill Shakin of the LA Times, we have our first official Bidder to buy the Dodgers. Hedge-Fund manager and billionaire Steven A. Cohen. Cohen is the founder of SAC capitol advisers, a Connecticut based hedge-fund focused on equity market strategies. Cohen is one of the first to officially submit a bid to buy the Dodgers. Apparently he has been garnering support along the way. He has contacted a sports architecture firm about possible renovations to Dodger stadium, is allied with two prominent Angelinos, and has support from one of the biggest agents Arn Tellem, who rumor has it would run the day to day operations of the Dodgers, if Cohen could not, according to Shakin’s article.
Steven A. Cohen Submits Bid to Buy the Dodgers
Although Cohen’s attempt to buy the team might not happen as smoothly as he hopes, as there appears to be some skeletons in his closet. According to reports, two former managers of his company have pleaded guilty to insider trading, as part of a federal investigation. Company records have been seized for investigating, but no charges have been filed as of yet. This could spell trouble for Cohen. MLB had agreed to approve up to 10 bidders, McCourt will have the right during the auction to select the winner, and is able to appeal to the mediator who was appointed by the bankruptcy court if needed.
Cohen had been thinking of buying a team before, and explored the possibility of buying a minority share of the New York Mets. He is friends with Eli Broad, and David Geffen. Both have given him great recommendations. Geffen said he would be good for Los Angeles and the Dodgers. Broad, stated he was a lifelong Baseball fan, and a responsible person of integrity.
Cohen is 55 years old, and resides in greenwich Connecticut. He is married with seven children. Forbes magazine has estimated his net worth at 9.3 billion dollars, and is ranked the 35th richest man in America. Here is a suggestion for Cohen, leave Dodger Stadium alone, unless its absolutely necessary. Dodger Stadium is a beautiful national treasure, that should never be touched, and should stand forever.
All bids must be in by January 13, 2012. We’ve had a poll going on on the front page, about who do you think should buy the Dodgers? So far Mark Cuban still has a pretty sizable lead over the Hershiser/Garvey group, but Magic Johnson has shot up to third place, and is gaining momentum. We will now include Steven A. Cohen on the poll list. Who do you think should buy the Dodgers? Click below and let us know! We will continue to keep you updated
on the Dodgers sale process as it plays out during 2012. The process is supposed to be completed by April 30th. Go Blue in 2012!