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Steve Cohen picks up stake in James Dolan’s Las Vegas Sphere

Steve Cohen has acquired a small stake in another sports mogul’s New York real estate, according to a new report.

The Mets’ owners acquired a 5.5% stake in Sphere Entertainment, which includes the Las Vegas Sphere. Sportico reported.

The state-of-the-art entertainment venue is the brainchild of James Dolan, owner of the Knicks, Rangers and Madison Square Garden, and now includes two of the biggest owners in New York sports.

Knicks and Rangers owner James Dolan AP

The 1.56 million shares are owned by Cohen’s hedge fund, Point72 Asset Management, and this marks the second investment the group founded by Cohen has made in Sphere.

The firm held 262,102 shares at the end of 2023 but sold them in the first quarter of this year.

The Sphere investment was disclosed in a Schedule 13G filing, which is required for investment companies with ownership of more than 5% of a company’s total stock.

Mets owner Steve Cohen currently owns a stake in the Sphere. Charles Wenzelberg/New York Post

The Dolan family owns a controlling stake in Sphere Entertainment and also owns the Knicks and Rangers through publicly traded Madison Square Garden Sports.

Dolan is chairman of the board and chief executive officer of Madison Square Garden Sports and Sphere Entertainment.

The Sphere opened last September at a cost of $2.3 billion and has hosted numerous events since then.

MSG Sphere in Las Vegas. AP

Legendary rock band U2 opened the Sphere with 40 shows, and the venue has also added concert appearances from Phish, Dead & Company and The Eagles to its schedule.

The NHL Draft will also be held at the Sphere later this week, and UFC 306 is also scheduled to take place in September.

Cohen bought an 8% stake in the Mets’ limited liability partnership for $40 million in 2012 and took control of the club in November 2020.