The Post reported this morning that billionaire hedge funder Steven Cohen is the frontrunner to buy the Mets; it seems like the team leaked the info out purposefully to gauge reaction to his status as the "preferred bidder." But seeing as how this is the Mets, you know nothing can go right...because the Wall Street Journal reports that Cohen is also being investigated by federal prosecutors for possible insider trading. The Mets truly are the Rodney Dangerfields of professional sports.
According to their source, the Post says Cohen really wants in on the team, and see potential in the future: "What he wants he gets. It's a trophy to him but not just a trophy. In time, it can be a real asset." The Mets refused to say whether he's officially won the bid yet, but other finalists have told the Wilpons in the last week that they believe the Mets are worth less than the $800 million-plus valuation needed to get to a $200 million price for 49 percent of the team.
Cohen, who started his hedge fund in 1992, has routinely made more than $1 billion a year, and has generated average annual returns of about 30 percent over its nearly two decades. Investigators are looking into Cohen after they found that two former portfolio managers at his hedge fund have both pleaded guilty to securities-fraud charges for trading on inside information. This is the first time the Cohen Account has been tied in any way to the larger insider-trading probe.
The Mets have been desperately searching for someone to buy a minority stake in the team ever since a billion dollar Madoff "false profits" lawsuit was filed against its owners company, Sterling Limited, leaving the team in an utter financial mess. We suppose the Mets should try to find some silver lining amidst their terrible luck—at least none of their players asked for proof of Obama's birth certificate...yet...
