Steven Cohen, the 35th richest person in the US, is clearly a guy who knows how to cover all his bases — and that is why, by aligning himself with fellow billionaire Patrick Soon-Shiong, reputed to be the richest man in Los Angeles — the New York hedge fund titan has made himself the clear-cut favorite to wind up owning the Dodgers next month, according to MLB insiders.
Cohen, 55, who founded SAC Capital Advisors, which has been reported to be responsible for 3% of the average daily trading on the New York Stock Exchange, is listed by Forbes as the 35th-richest person in the U.S., with a personal wealth of about $8.3 billion. As one MLB owner source said: “Steve Cohen is the one guy who could write a personal check himself, if he wanted to, for whatever it takes (to win the auction for the Dodgers).”
Cohen, who is also one of 12 investors to pay $20 million for a limited share of the Mets, faced two significant obstacles in the early stages of the Dodgers bidding: (1) MLB owners were concerned about a recent SEC investigation of insider trading involving SAC, and (2) some in Los Angeles, including Mayor Antonio Villaraigosa, voiced their objections to the Dodgers winding up in the hands of non-local ownership. Cohen would have to sell his interest in the Mets if he completes a deal for the Dodgers. By bringing aboard Soon-Shiong, a noted L.A. physician and philanthropist whom Forbes lists as the 39th-richest person in the U.S. with a personal wealth of $7.2 billion, Cohen satisfied both of those issues…
Read more: http://www.nydailynews.com/sports/baseball/steve-cohen-emerges-favorite-buy-los-angeles-dodgers-billionaire-patrick-soon-shiong-article-1.1049011#ixzz1pxOZMj2b
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