Billionaire Steven Cohen will not put his name in the hat as a potential buyer for the Brooklyn Nets, following a meeting his representatives had with bankers handling the team's sale, per sources cited by Zeke Faux and Scott Soshnick of Bloomberg.com.
“Steve Cohen has no interest in the Nets,” Jonathan Gasthalter, a spokesman for Stamford's Point72 Asset Management, said in an e-mailed statement, via Bloomberg.com. “He is focused on making Point72 the premier investment firm in the industry, while adhering to the highest ethical standards.”
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According to the Bloomberg report, "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 is attempting to sell his stake in the team after seeing the Los Angeles Clippers sell for $2 billion to former Microsoft CEO Steve Ballmer - almost ten times what the commodities tycoon paid for his stake in the Nets.
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