Rumors

Just over a month ago, a group of financiers and sports team owners, led by Fenway Sports Group, said it would invest up to $3 billion in the PGA Tour, a watershed deal that gave players equity in the league as it fends off competition from the Saudi-backed LIV Golf. What wasn’t reported then was that several powerful people in sports, music and entertainment had also invested personally. Two names are likely to draw attention: LeBron James, the superstar basketball player, and Drake, the rapper. The investors are bringing more than money. F.S.G. and fellow backers, including the billionaires Steve Cohen, Arthur Blank and Marc Lasry, believe they can help reinvigorate the sport, particularly as the value of media rights soars. James and Drake are committing additional capital as “strategic investors,” and are expected to use their marketing power to help the tour broaden its audience. James and the PGA Tour commissioner, Jay Monahan, were at the home of Tom Werner, F.S.G.’s chairman, recently discussing just that, DealBook hears.

New York Times

Nets Daily: Steve Cohen will pay $113 million in luxury taxes this season. Joe Tsai is expected to play about $100 million.

Twitter

As of this morning, Madison Square Garden Sports Corp stock ($MSGS) was trading north of $162, representing a 5% increase since Thursday. $MSGE is up nearly 4% over that same stretch. "Two things could happen in our opinion," Boyar forecasts, "either a PE firm or a family office will take a minority stake in either the Knicks or the Rangers. Or there could be a sale of one or both of the teams. Too bad Steve Cohen is not a basketball fan!... At some point it would not surprise us if someone makes an offer for one or both of the teams."

tommybeer.substack.com

Marc Lore, 49, and Rodriguez plan to spend $1.5 billion to buy the Timberwolves and Lynx from owner Glen Taylor, who also owns the Star Tribune. The two have a relationship beyond the Timberwolves deal. Lore and Rodriguez also were in the bidding last year to buy the New York Mets, but were eventually outbid by hedge fund billionaire Steve Cohen. Lore is special adviser to Slam Corp., a blank check company formed by Rodriguez and Himanshu Gulati, the founder and chairman of Antara Capital. Slam Corp. announced a $500 million pricing for its initial public offering in February and is looking to merge with a startup in the sports, media or health and wellness industry.

Minneapolis Star-Tribune

Bradley Beal: We finally have a society paying attention to race, discrimination and injustice. And now that there’s a chance to sell the Mets to bidders of color, MLB wants to give instead to Steve Cohen — a billionaire with a long track record of shady dealings?

Twitter

Billionaire Steven A. Cohen said he won’t bid for the Brooklyn Nets after his representatives met with bankers handling the team’s sale, according to a person with direct knowledge of the matter. “Steve Cohen has no interest in the Nets,” Jonathan Gasthalter, a spokesman for Stamford, Connecticut-based Point72 Asset Management, said in an e-mailed statement. “He is focused on making Point72 the premier investment firm in the industry, while adhering to the highest ethical standards.”

BusinessWeek.com

Michael Heisley and Tony Ressler were eliminated from the Dodgers bidding on Monday, leaving seven parties in contention to buy the team, according to multiple people familiar with the sale process but not authorized to discuss it. St. Louis Rams owner Stan Kroenke, Beverly Hills-based real estate developer Alan Casden and a group led by Stanley Gold and the family of the late Roy Disney remain in the bidding. The other four: Magic Johnson and veteran baseball executive Stan Kasten; Connecticut investor Steven Cohen and longtime Los Angeles agent Arn Tellem; New York media executive Leo Hindery in partnership with Tom Barrack, chairman of Santa Monica-based Colony Capital; and Jared Kushner, owner and publisher of the New York Observer and son-in-law of Donald Trump.

Los Angeles Times

Dallas Mavericks owner Mark Cuban submitted a bid by Monday's deadline, as did East Coast hedge fund giant Steven Cohen and former Dodgers owner Peter O'Malley.

Los Angeles Times