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Sunday, March 18, 2012

Forbes: Cohen Forcing Bidders For Dodgers To Raise Cash

The hedge fund titan’s $900 million of equity in his $1.4 billion offer for the MLB team has forced two of the other groups bidding for the Dodgers to make a dash for cash. After Stanley Gold’s group was rejected because baseball owners did not like the structure of his offer (read not enough cash), Reuters reported that film producer and Golden State Warriors owner Peter Guber has joined that group led by former Los Angeles Lakers great Magic Johnson as an equity investor. An MLB executive said Guber’s investment is replacing institutional investors whose ability to come up with enough cash was suspect.

Then the Los Angeles Times reported that another bidder for the Dodgers, Michael Heisley, is considering selling the Memphis Grizzlies to Oracle boss Larry Ellison to raise cash. Ironically, Ellison tried to buy the Warriors but lost out to Guber’s group for the NBA team.

Tripon Posted: March 18, 2012 at 04:26 PM | 7 comment(s) Login to Bookmark
Tags: business, dodgers, rumors

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1. Joe Kehoskie Posted: March 18, 2012 at 08:33 PM (#4083839)

The L.A. Times is reporting that L.A.'s richest man, Patrick Soon-Shiong, has joined Steve Cohen's group. He had been widely expected to join the Magic/Kasten group.

2. The Mohole* of David Wells (* - Piehole)

Posted: March 18, 2012 at 09:04 PM (#4083863)

It's kind of funny how many people are willing to come forward with 1.5 billion dollar offers for the Dodgers, but no one is stepping forward with $20 million for the Mets.

3. JJ1986 Posted: March 18, 2012 at 09:08 PM (#4083870)

It's kind of funny how many people are willing to come forward with 1.5 billion dollar offers for the Dodgers, but no one is stepping forward with $20 million for the Mets.

Hey, they sold one. Though I doubt Cohen wants it anymore.

4. KT's Pot Arb Posted: March 19, 2012 at 01:36 AM (#4084017)

It's kind of funny how many people are willing to come forward with 1.5 billion dollar offers for the Dodgers, but no one is stepping forward with $20 million for the Mets.

$1.48B so you don't have to be a jr. partner to the Wilpons?

It's worth it...

5. Joe Kehoskie Posted: March 19, 2012 at 01:46 AM (#4084023)

Is there even a rumor of anyone with anywhere close to the net worth of Steve Cohen waiting in the wings to buy the Mets? I know the Wilpons are on record as intending to own the Mets for years to come, but this seems like a high-stakes poker game they could lose in more ways than one. They could be forced to sell, and have their best suitor no longer in the bidding because he bought the Dodgers (perhaps only weeks earlier).

6. Tripon Posted: March 19, 2012 at 01:53 AM (#4084026)

The other fallout on this is that if Ellison buys the Grizzlies, he's going to try to move it to San Jose.

7. Joe Kehoskie Posted: March 19, 2012 at 02:10 AM (#4084028)

... Or, Ellison could buy the Grizzlies and move them to Anaheim, which is another rumor flying around online.

(... and/or, if Stan Kroenke wins, he could move the Rams back to L.A.)

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Sunday, March 18, 2012

Forbes: Cohen Forcing Bidders For Dodgers To Raise Cash

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