Steven Cohen will have to keep his day job. The hedge fund billionaire was rebuffed yesterday in his bid to buy baseball's Los Angeles Dodgers. Instead of the SAC Capital Advisors founder, outgoing Dodgers owner Frank McCourt picked a group led by Los Angeles Lakers legend Magic Johnson according to a finalternatives report.
The Johnson group—whose primary backing comes from Guggenheim Partners and CEO Mark Walter—agreed to pay $2 billion for the team, smashing the record for a North American sports franchise set when Stephen Ross bought the Miami Dolphins for $1.1 billion.
News that Cohen's bid, backed by Los Angeles' richest man, had failed came just hours after he, along with the Johnson group and another group led by St. Louis Rams owner Stan Kroenke, were approved by Major League Baseball to buy the team...
Read more at http://www.finalternatives.com/node/20037
No comments:
Post a Comment