Steve Cohen Sells 85% of His Stake in Dolan’s Vegas Sphere

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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Kurt BadenhausenMon, November 17, 2025 at 7:12 PM GMT+1 2 min readNew York Mets owner Steve Cohen’s hedge fund sold almost its entire position in Sphere Entertainment as the stock soared, according to a Friday SEC filing. Cohen’s fund, Point72 Asset Management, sold 1.3 million shares, or 85% of its stake, over the six months ending Sept. 30, and now holds 223,464 shares. It represents 0.8% of Sphere’s Class A shares, down from 5.3% as of March 31.The family of Cohen’s fellow New York sports team owner, James Dolan, has voting control of the Sphere, as well as the New York Knicks and Rangers, via Madison Square Garden Sports. Sphere Entertainment includes the $2.3 billion Las Vegas venue and MSG Networks.More from Sportico.comGrudge Match: Charles Oakley-MSG Legal Fees Continue to Pile UpJames Dolan Earned $38M From MSG Companies, Sphere in 2025Vegas Loves the New York Knicks. Wall Street, Not So MuchSphere shares are up 91% year-to-date, and 218% from their April low, as the company worked out a debt reorganization between MSG Networks and its lenders that cut the debt owed by the RSN from $804 million to $210 million. Earlier in the year, leisure stocks were also dragged down by an escalating trade war that created economic uncertainty.More recently, Sphere shares jumped over strong initial sales for the company’s reimagined, AI-fueled version of The Wizard of Oz. Fans have flocked to see the new take on the 1939 film classic, which is the latest Sphere Experience that represents the bulk of revenue at the building.Ariel Investments also reduced its Sphere Entertainment holding. The Chicago-based investment firm run by John Rogers Jr. and Mellody Hobson sold 1.1 million shares during the third quarter, a 15.6% reduction in its position. Ariel still holds 6 million Class A shares, a 20.6% stake, and is the largest institutional shareholder in Sphere.Madison Square Garden Entertainment and Sphere are Ariel’s two largest holdings. It is also invested in MSG Sports and Premier League club Manchester United.“We looked at the technology, and we looked at the experience, we said, ‘instant icon,’” Hobson said this month at Sportico’s Invest event when describing Ariel’s Sphere investment. “[The stock] is very attractive from our perspective.”Point72 initially invested in Sphere at the end of 2023 with 262,102 shares, but it sold the entire stake during the first quarter of 2024. Later that year, Point72 bought 1.56 million shares, which represented a 5.5% stake. 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