Baseball for the Thinking Fan

Login | Register | Feedback

btf_logo
You are here > Home > Baseball Newsstand > Baseball Primer Newsblog > Discussion
Baseball Primer Newsblog
— The Best News Links from the Baseball Newsstand

Sunday, March 11, 2012

Ozanian: Billionaire Steve Cohen Is Baseball’s Most Important Man

Word has it…John Sterling is not taking this snub very well.

The most important man in Major League Baseball right now is Steve Cohen. The hedge fund titan is the man MLB commissioner Bud Selig is genuflecting in front of, praying Cohen will bail him out for permitting the bankrupt Los Angeles Dodgers and cash-strapped New York Mets for piling insane amounts of debt on their balance sheets.

Over the past two months, as Fred Wilpon and Saul Katz have been slashing their team’s payroll and looking for nickels and dimes under every nook and cranny, the only only investor not affiliated with Mets that has offered to help keep the team afloat has been Cohen, offering $20 million for a 4% stake. The Mets are praying that their season ticket sales will look good enough by the end of April that they can restructure $430 million of debt due in two years. If not, I, and at least two sports bankers I have spoken with, believe it is quite possible the Mets will follow the Dodgers into Chapter 11. But at least Cohen is offering the Mets a temporary lifeline. Selig owes Cohen one for that.

During the next few weeks Cohen is also going to set the bar on the sale price for Frank McCourt’s Dodgers. In doing so, Cohen is will be sending a signal on the value of many of the new local television deals struck recently. The Texas Rangers, Los Angeles Angels and San Diego Padres (pending) have received equity stakes in regional sports networks as part of their new media deals. Several other teams, like the Chicago Cubs, are likely to do the same thing over the next couple of years. Cohen’s bid for the Dodgers, which is largely based on what he thinks the value of the team’s next media deal, beginning in 2014, is worth, is going to influence the value of a lot of RSNs.

Repoz Posted: March 11, 2012 at 10:36 AM | 9 comment(s) Login to Bookmark
  Tags: business, dodgers, mets

Reader Comments and Retorts

Go to end of page

Statements posted here are those of our readers and do not represent the BaseballThinkFactory. Names are provided by the poster and are not verified. We ask that posters follow our submission policy. Please report any inappropriate comments.

   1. JH (in DC) Posted: March 11, 2012 at 11:13 AM (#4078495)
For the record, the man pictured is Congressman Stephen I. Cohen, and not billionaire Steven A. Cohen.
   2. tshipman Posted: March 11, 2012 at 11:59 AM (#4078504)
But at least Cohen is offering the Mets a temporary lifeline. Selig owes Cohen one for that.


It's not at all clear to me that Selig wants to keep the Wilpons if Picard wins the case..
   3. Fancy Pants Handles lap changes with class Posted: March 11, 2012 at 12:18 PM (#4078511)
the only only investor

I only only hope this is true.

On a different note: If he owns 4% of the Mets, how the hell can he be allowed to bid on the Dodgers.
   4. McCoy Posted: March 11, 2012 at 12:20 PM (#4078513)
Who do you think bought the Red Sox?
   5. Tripon Posted: March 11, 2012 at 12:46 PM (#4078521)

I only only hope this is true.

On a different note: If he owns 4% of the Mets, how the hell can he be allowed to bid on the Dodgers.


He just has to find a sucker to buy off his Mets shares.
   6. Fancy Pants Handles lap changes with class Posted: March 11, 2012 at 01:01 PM (#4078529)
He just has to find a sucker to buy off his Mets shares.

Well, there is one born every minute... not too many of those have 20m to spare though.
   7. LionoftheSenate (Brewers v A's World Series) Posted: March 11, 2012 at 01:15 PM (#4078534)
MLB should contract the broke Mets. Move the As to Queens.
   8. Lassus Posted: March 11, 2012 at 01:39 PM (#4078540)
Speaking of the Mets, WTF is up with no Johan spring training start on SNY today?
   9. Downtown Bookie Posted: March 11, 2012 at 01:42 PM (#4078542)
Speaking of the Mets, WTF is up with no Johan spring training start on SNY today?


It's on free broadcast TV (WPIX Ch 11) and the MLB Network.

DB

You must be Registered and Logged In to post comments.

 

 

<< Back to main

BBTF Partner

Support BBTF

donate

Thanks to
Phil Birnbaum
for his generous support.

Bookmarks

You must be logged in to view your Bookmarks.

Hot Topics

NewsblogOMNICHATTER 9-21-2014
(80 - 8:12pm, Sep 21)
Last: Roger McDowell spit on me!

NewsblogJames Shields is the perfect pitcher at the perfect time
(42 - 7:52pm, Sep 21)
Last: ReggieThomasLives

NewsblogOT: Politics, September, 2014: ESPN honors Daily Worker sports editor Lester Rodney
(3422 - 7:47pm, Sep 21)
Last: GordonShumway

NewsblogOT August 2014:  Wrassle Mania I
(195 - 7:44pm, Sep 21)
Last: Chokeland Bill

NewsblogHBT: Talking head says Jeter is “a fraud” and “you are all suckers”
(94 - 7:02pm, Sep 21)
Last: BDC

NewsblogCameron: The Stealth MVP Candidacy of Hunter Pence
(37 - 6:39pm, Sep 21)
Last: cardsfanboy

NewsblogAthletics out of top wild-card spot, Texas sweeps
(17 - 6:16pm, Sep 21)
Last: Sonic Youk

NewsblogOT: The Soccer Thread, September 2014
(347 - 6:05pm, Sep 21)
Last: The John Wetland Memorial Death (CoB)

NewsblogEn Banc Court May Call Foul on Bonds Conviction
(39 - 5:54pm, Sep 21)
Last: Walt Davis

NewsblogOT: September 2014 College Football thread
(323 - 5:08pm, Sep 21)
Last: spike

NewsblogLindbergh: Dellin Betances’s Season & Bullpen Strategy
(6 - 3:59pm, Sep 21)
Last: bobm

NewsblogRoyals encounter problem with online sale of playoff tickets
(30 - 3:30pm, Sep 21)
Last: SoSHially Unacceptable

NewsblogEsquire: Martone: The Death of Derek Jeter
(314 - 2:34pm, Sep 21)
Last: Jolly Old St. Nick Is A Jolly Old St. Crip

NewsblogJohn Thorn: Fame & Fandom
(11 - 1:14pm, Sep 21)
Last: Mike Emeigh

NewsblogLindbergh: Where Dellin Betances’s Season Ranks Historically, and What It Teaches Us About Bullpen Strategy
(2 - 12:31pm, Sep 21)
Last: bobm

Page rendered in 0.2265 seconds
52 querie(s) executed