LOS ANGELES — A billionaire hedge-fund manager bidding to buy the Dodgers is about to become a minority owner of the Mets, the Los Angeles Times reported Wednesday night, citing sources.
Steve Cohen, whom Forbes magazine estimated was worth $8.3 billion as of September 2011, is expected to pay $20 million to buy one of 10 shares offered for sale by the Mets, who are using the proceeds of the sale to repay loans to the Bank of America and MLB worth $65 million.
Buying into the Mets will not prevent Cohen from continuing his attempt to buy the Dodgers, but if his bid to buy the Los Angeles team is successful, he would have to sell his Mets stake, two people familiar with the transaction told the Times.
The Dodgers’ financial advisers completed the first round of bidding for the team last week, The Wall Street Journal reported.
People familiar with the process said bankers at Blackstone Group had approved about 10 groups of bidders who will be asked to participate in a second round of offers, including Cohen’s group.
The team, which is being sold by owner Frank McCourt, received multiple bids of more than $1 billion. The sales process is being overseen by the US Bankruptcy Court in Delaware.
The Dodgers are hoping to complete the sale by April 30. McCourt is divorcing his wife, Jamie, and must make a payment of $131 million to her by May 1.