Steven Cohen Has ‘No Interest’ in NBA’s Nets After MeetingZeke Faux and Scott Soshnick
Billionaire Steven A. Cohen said he won’t bid for the Brooklyn Nets after his representatives met with bankers handling the team’s sale, according to a person with direct knowledge of the matter.
“Steve Cohen has no interest in the Nets,” Jonathan Gasthalter, a spokesman for Stamford, Connecticut-based Point72 Asset Management, said in an e-mailed statement. “He is focused on making Point72 the premier investment firm in the industry, while adhering to the highest ethical standards.”
Representatives of Cohen met with the Evercore Partners Inc. bankers retained by Russian billionaire Mikhail Prokhorov to sell the National Basketball Association franchise he bought in 2010, said the person, who asked for anonymity because the meeting was private. Cohen has been managing about $10 billion of his own money at Point72 after closing down SAC Capital Advisors to settle insider trading charges against the firm.
Prokhorov, a commodities tycoon, is exploring a sale of the team after the Los Angeles Clippers sold for a record $2 billion in a frenzied auction, almost 10 times what he paid for his stake in the Nets.
Cohen, who grew up in Great Neck on New York’s Long Island, is already an investor in Major League Baseball’s New York Mets and lost out in the bidding for the Los Angeles Dodgers.
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