Steve Cohen OUT of Mets Bidding

An article by posted on May 11, 2011

According to the NY Post, Hedge Fund billionaire Steve Cohen is out of the bidding for the minority stake of the Mets.

In recent weeks the common report had Cohen as the front-runner for the minority stake of the team. However concerns over his trading activity have the Mets going in a different direction. Federal probes reveal inaccuracies in Cohen’s personal account at SAC Capital. This comes a little after a week that the Mets ownership had dinner with Cohen to discuss parameters of a possible deal.

The Mets have asked the other bidders who had submitted losing bids to resubmit their bids again. The team hopes to have a minority owner within the next month or so. Originally, Major League Baseball had hoped the Mets would lock up a bidder by the owners meetings. However this is no longer a possibility after the deal with Cohen fell through.

Personally I am glad the Mets are going in a different direction. Obviously there were a lot of attractive feature about Cohen such as his personal wealth (believe to be around 8 billion.) He seemed to be the perfect guy for the Minority Stake of the team since his wealth would possibly allow him to purchase the team in full one day. However the Mets simply cannot take chances on this one. Federal probes into his trading accounts raise major concerns. The last thing this organization needs is to get into bed with another Madoff like situation.

They need stability more then anything when picking the person to be the team’s minority owner. I’m glad to see they are being more cautious this time around.

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