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Cohen Dodgers group adds LA's richest man

March 19, 2012 at 1:46 PM   |   Comments

LOS ANGELES, March 19 (UPI) -- The wealthiest man in Los Angeles has joined hedge-fund billionaire Steven Cohen's group seeking to buy the Dodgers, sources told the Los Angeles Times.

The Times reported Monday two people familiar with the sales process confirmed Patrick Soon-Shiong's decision to join Cohen.

Neither Cohen nor Soon-Shiong, a doctor, biotech investor and philanthropist, could be reached for comment.

The addition of Soon-Shiong to the group adds prominent local support to Cohen's bid, the Times said. Magic Johnson also is seeking to buy the Dodgers.

The Times, citing sources, said Soon-Shiong has held several meetings with Frank McCourt since the Dodgers were put on sale in November.

The newspaper said Soon-Shiong, who bought a minority share in the Los Angeles Lakers two years ago, had been expected to join the bidding team led by Johnson.

Sources said Soon-Shiong would have an undetermined minority share in the Dodgers.

Cohen's net worth was estimated at $8.3 billion; Soon-Shiong's, $7.2 billion this month by Forbes magazine.

A source told the Times Cohen is prepared to spend nearly $2 billion, none of which he'd have to finance, to buy the Dodgers and renovate their stadium.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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