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#pounditFriday, August 7, 2020

Casino mogul Sheldon Adelson joins in on Mets bidding

New York Mets

Steve Cohen has been viewed as the favorite to purchase the New York Mets, but a Las Vegas casino mogul could wind up standing in the way of the hedge fund billionaire.

According to a report from Thornton McEnery of the New York Post, Sheldon Adelson and his private equity firm Silver Lake Partners* have joined a group bidding on the Mets that is led Josh Harris and David Blitzer. Harris and Blitzer already own the Philadelphia 76ers and New Jersey Devils.

Adelson, 86, is worth an estimated $30 billion, while Harris and Blitzer are worth more than $5 billion combined. The group should have no issue raising the funds needed to purchase the Mets, though Adelson’s status as a somewhat controversial figure from the casino world could make it more difficult for him to gain approval from MLB owners. If he’s only a limited partner, he could purchase a stake in the team without needing approval from the league.

Adelson was part of talks to fund the Raiders stadium in Las Vegas a few years back, but that deal ultimately never went through.

Mets owners Fred and Jeff Wilpon received their initial round of bids last week. Cohen had a deal to buy an 80 percent stake in the team at a valuation of $2.6 billion back in February, but the deal fell apart. He is still considered a front-runner, however, along with the group led by Alex Rodriguez and his fiancee Jennifer Lopez.

*Silver Lake Partners sent a statement to Larry Brown Sports denying involvement in the bid: “Any claim that Silver Lake is making or joining a bid for the NY Mets is entirely false and inaccurate,” the statement said.

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