New York Mets owner Steve Cohen has acquired a 5.5 percent stake in Sphere Entertainment, which includes the Las Vegas Sphere, according to a report by Sportico. This investment aligns Cohen with James Dolan, the owner of the Knicks, Rangers, and Madison Square Garden. The stake, consisting of 1.56 million shares, is held by Cohen’s hedge fund Point72 Asset Management. Interestingly, this is not the first time Cohen’s group has invested in Sphere. They previously owned 262,102 shares but sold them in the first quarter of this year.
The news of Cohen’s investment in Sphere came to light through a Schedule 13G filing. This filing is required for investment firms that hold an ownership stake in a company’s total stock exceeding 5 percent. The Dolan family currently holds a controlling stake in Sphere Entertainment, as well as the Knicks and Rangers through Madison Square Garden Sports, a publicly traded company. James Dolan serves as the executive chairman and CEO of both Madison Square Garden Sports and Sphere Entertainment.
The Sphere, a technologically advanced entertainment venue, opened in September of last year at a cost of $2.3 billion. Since then, it has hosted numerous events, including a series of 40 shows by legendary rock band U2. Concert performances by Phish, Dead & Company, and the Eagles have also been added to the venue’s schedule. The upcoming NHL draft and UFC 306 are set to take place at the Sphere later this year.
Steve Cohen’s involvement in the sports industry goes beyond his recent investment in Sphere. In November 2020, he purchased a controlling interest in the New York Mets. However, this was not his first involvement with the baseball team. Cohen initially bought an 8 percent limited partnership stake in the Mets back in 2012 for $40 million.
Cohen’s investments in both the Mets and Sphere highlight his continued interest in the sports and entertainment industries. By aligning himself with James Dolan, another prominent figure in New York sports, Cohen further solidifies his presence in the city’s sports landscape. It will be interesting to see how this partnership between two influential owners unfolds and what it means for the future of Sphere Entertainment and the New York sports scene as a whole.
