Steve Cohen has picked up a small stake in another New York sports bigwig’s property, according to a new report.
The Mets owner has picked up a 5.5 percent stake in Sphere Entertainment, which includes the Las Vegas Sphere, Sportico reported.
The technologically advanced entertainment venue was the brainchild of Knicks, Rangers and Madison Square Garden owner James Dolan and now aligns two of the biggest owners in New York sports.
The 1.56 million shares are owned by Cohen’s hedge fund Point72 Asset Management and it will be the second time that the Cohen-founded group has invested in Sphere.
It had previously owned 262,102 shares at the end of 2023 and sold them in the first quarter of this year.
The investment in Sphere came to light in a Schedule 13G filing, which is required for investment firms that have an ownership stake in a company’s total stock that exceeds 5 percent.
The Dolan family has a controlling stake in Sphere Entertainment, while they own the Knicks and Rangers through publicly traded Madison Square Garden Sports.
Dolan is executive chairman and chief executive officer of Madison Square Garden Sports and Sphere Entertainment.
The Sphere opened in September of last year at the cost of $2.3 billion and has hosted a number of events since then.
Legendary rock band U2 opened the Sphere with a run of 40 shows with Phish, Dead & Company and the Eagles adding concert performances to the venue’s schedule.
The NHL draft will also take place at the Sphere later this week and UFC 306 is also slated to happen there in September.
Cohen purchased a controlling interest in the Mets in November of 2020 after first buying an 8 percent limited partnership stake in the ballclub back in 2012 for $40 million.
Credit: Source link
