Mets owner, seeking New York City casino license, takes 5.5% stake in Las Vegas Sphere

Mets owner, seeking New York City casino license, takes 5.5% stake in Las Vegas Sphere

Article brief provided by Sportico
  • Kurt Badenhausen, Sportico
June 24, 2024 8:21 PM

New York Mets owner Steve Cohen has amassed a new 5.5% stake in Sphere Entertainment, according to a Monday SEC filing. The move aligns Cohen with fellow New York sports team owner, Jim Dolan, whose family has voting control of the Sphere, in addition to the New York Knicks and New York Rangers.

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Cohen’s 1.56 million shares in Sphere, including 582,400 shares of Class A Common Stock issuable upon exercise of options, are owned through his Point72 Asset Management hedge fund and were all bought during the second quarter. The investment was disclosed in a Schedule 13G, which is similar to a 13D filing, for those investment firms that own more than 5% of a company’s shares.