Billionaire investor Steve Cohen, who is amongst the bidders in the pending sale of the Los Angeles Dodgers, is nearing a deal to buy a minority stake in the New York Mets, according to a report in the LA Times.
Cohen is expected to purchase one of the ten shares currently offered by the Mets, who have fallen on hard financial times. His investment is expected to total $20 million.
Should the deal go through as expected, Cohen's pursuit of the Dodgers will not be ceased, however he would have to sell his stake of the Mets if he were to successfully purchase the Dodgers.
Cohen's founded the Connecticut-based investment firm SAC Capital Advsiors, and has an estimated worth of $8.3 billion. A current government investigation is looking into charges of insider trading by one or two of the company's former employees, but no charges have been filed against Cohen or the company.
The Mets lost $70 million last season, and reportedly face potential liabilities of up to $386 million from the fallout of the Bernie Madoff scandal.