Kaja Whitehouse and Claire Atkinson of the New York Post report that SAC is signed up as a sponsor of next year's Super Bowl:
Long before his hedge-fund empire was slapped with insider trading charges, Cohen's SAC Capital Advisors plunked down at least $1 million to become a host sponsor of the 2014 Super Bowl at MetLife Stadium in the Meadowlands.
As one of 28 vice chairs of the committee that helps with the logistical planning, SAC was in line to receive a number of perks with which to wine and dine its well-heeled clients, including prime seats and branding opportunities.
But a lot has changed for SAC since it inked the sponsorship in 2011, raising questions about its ability to capitalize on the nation's most-watched sporting event.
For one thing, SAC may not have any investors left by the time the Feb. 2 game rolls around. The Stamford, Conn., firm, worth a whopping $15 billion at the start of the year, is facing an investor exodus that's expected to leave it with $9 billio —mostly Cohen's personal fortune—by year end.
I doubt that SAC is going to dump the sponsorship. SAC really wants to keep its personnel in place, something that's hard to do when the Justice Department says it may seize any and all your assets. After the firm's bonuses are paid out at year end, retention will become even harder. Having perks like Super Bowl tickets are a good way of keeping people in their jobs.