Steve Cohen, Mets Owner/NYC Casino Bidder, May Invest in PGA Tour

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Posted on: January 30, 2024, 04:33h. 

Last updated on: January 31, 2024, 11:32h.

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Steve Cohen — nan billionaire proprietor of MLB’s New York Mets who wants to bring a casino to his Citi Field ballpark analyzable — is reportedly portion of a sports finance group prepping a $3 cardinal injection into nan PGA Tour’s commercialized business arm.

Steve Cohen PGA Tour LIV GolfSteve Cohen is rumored to beryllium a imaginable investor successful nan PGA Tour’s commercialized entity that’s being formed done its merger pinch LIV Golf. Cohen is besides seeking a casino licence successful New York for his Mets stadium complex. (Image: Getty)

Bloomberg reported connected Monday that Cohen has joined nan Strategic Sports Group, a consortium of master sports squad owners led by nan Fenway Sports Group, to get a number position successful PGA Tour Enterprises. The commercialized portion of nan not-for-profit master play circuit was precocious formed aft merger discussions betwixt nan PGA Tour and rival LIV Golf were initiated past June.

Strategic Sports is reportedly mulling an finance successful nan PGA Tour worthy up to $3 billion. Fenway Sports Group is controlled by billionaires John Henry and Tom Werner, who ain nan Premier League’s Liverpool Football Club, MLB Boston Red Sox, NHL Pittsburgh Penguins, and nan storied Fenway Park successful Boston.

Strategic additionally includes billionaire Marc Lasry, a erstwhile proprietor of nan NBA Milwaukee Bucks. Cohen is said to beryllium joining Strategic done his Cohen Private Ventures finance arm.

Investment Could Be Separate From LIV Golf

LIV Golf, nan upstart pro play circuit that began successful 2022, continues to poach high-profile players from nan PGA Tour. One of its astir caller acquisitions was Jon Rahm, presently classed 3rd successful nan world. Tyrrell Hatton, classed No. 16, joined LIV this week.

The arguable circuit is funded exclusively by Saudi Arabia’s Public Investment Fund (PIF).

LIV has been scolded arsenic nan Saudi monarchy’s effort to “sportswash” its world image. The kingdom has been linked to financing nan Sept. 11, 2021, violent attacks and has agelong been accused of terrible quality authorities violations.

PGA Tour Commissioner Jay Monahan shocked nan play world past June erstwhile he announced a projected merger pinch LIV Golf. The announcement was celebrated by oddsmakers, arsenic nan unification would return awesome instrumentality and betting favorites to nan premier circuit, including Brooks Koepka, Dustin Johnson, Phil Mickelson, Bryson DeChambeau, and Cameron Smith.

The alignment, however, has faced scrutiny from U.S. politicians, who could usage their D.C. clout to artifact nan deal. That’s reportedly led nan PGA Tour to research different fundraising channels, pinch Spectrum emerging arsenic a preferred partner.

The $3 cardinal imaginable investment, Bloomberg adds, would worth PGA Tour Enterprises astatine astir $12 billion. The Spectrum rate could travel earlier nan Tour and LIV Golf finalizes their woody to merge nan organizations.

Cohen’s NYC Bid

Cohen, who’s worthy astir $20 billion, is simply a hedge money head who founded Point72 Asset Management. His erstwhile company, S.A.C. Capital Advisors, shuttered successful 2016 aft respective executives were charged pinch insider trading allegations. Cohen settled akin charges brought against him by nan SEC.

After holding an 8% ownership liking successful nan Mets since 2012, Cohen successful 2020 acquired afloat power of nan MLB franchise for $2.4 billion.

Cohen is hoping to make an $8 cardinal stake connected a resort casino successful Queens successful business pinch Hard Rock International. Dubbed “Metropolitan Park,” nan integrated edifice proposal would toggle shape nan Willets Point area into an entertainment, hospitality, and casino edifice destination.

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